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THE BANKERS' 
CLEARING HOUSE 






THE BANKER'S LIBRARY 

Edited by Sir John Paget, Bart., K.C. 



w the bankers' 
'clearing house 

WHAT IT IS AND WHAT IT DOES 
BY 

PHILIP W. MATTHEWS 

• « I 

FORMERLY CHIEF INSPECTOR LONDON BANKERS' 
CLEARING HOUSE 

WITH A 

PREFACE 

BY 

ROBERT HOLLAND-MARTIN, C.B. 

CHAIRMAN AND HON. SEC. COMMITTEE OF LONDON 

CLEARING BANKERS ; DIRECTOR BANK OF LIVERPOOL 

AND martin's 




LONDON 
SIR ISAAC PITMAN & SONS, LTD. 
PARKER STREET, KINGSWAY, W.C.2 

BATH, MELBOURNE, TORONTO, NEW YORK 
1921 



Printed by 

Sir Isaac Pitman & Sons, Ltd. 

Bath, England 



PREFACE 

It is with great pleasure that I accede to Mr. Matthews' 
request that I should write a preface to his book on 
the London Bankers' Clearing House, for I have had 
the good fortune to have had his assistance as Chief 
Inspector of the Clearing House during the whole 
of my fifteen years' tenure of the Honorary Secretary- 
ship. Nor did his services to the Clearing House 
begin then. It was in 1891, nearly thirty years ago, 
that Mr. Matthews first took office at the Clearing 
House, and for some time before that date he had 
been head clearer for Messrs. Barclay & Co. 

No one, therefore, can have better qualifications 
for writing a history and an explanation of the work 
done by the Bankers' Clearing House than he has,, 
and having read what he has written I think that 
he could not have put the first few months of his 
leisure on his retirement to better use than to have 
compiled this long needed book. 

The work done by the Bankers' Clearing House 
is essential to the financial welfare of this country. 
Without its institution the growth of the cheque as 
the main currency of this country could not have 
taken place. Yet its origin was of the simplest, arising 
as it did from the constant desire of man to save 
himself trouble. A few clerks, tired with tramping 
the streets from bank office to bank office, bored with 
the waiting at each office which ensued, determined 
to meet punctually for lunch and a glass of beer at 
a well-known chop house, and there to exchange the 
cheques that they should have left at the various 
oifices. 

One can well imagine the secrecy of the first meetings 
lest fussy seniors should break up the happy gatherings 



VI PREFACE 

then the gradual acceptance of the idea, and finally 
the appointment of inspectors and full recognition. 

Its somewhat unorthodox origin is no doubt the 
reason why the early history of the Clearing House 
is wrapped in much mystery. 

Charles Babbage saw with his usual foresight what 
economies of labour it effected. He, besides being 
an economist, was, it may be remembered, one of the 
first inventors of a calculating machine, and I often 
wonder what he would think could he see the Clearing 
House to-day, with its equipment of Burroughs 
adding machines that not only reckon the totals of 
the charges but print each item clearly as well. 

Machinery has helped the bankers at the Clearing 
House to meet the growth of business just as it has 
helped the manufacturer. 

To-day the Clearing House is staffed by a staff 
attendant from each bank, whose work is brought 
to them by runners from each office. To-morrow 
we may see a larger and fairer building (the archi- 
tecture of the present Clearing House is too haphazard 
to merit description) ; staffed by a permanent staff 
and fed by long pneumatic tubes that \vill bring the 
cheques straight from the banks to the Clearing House, 
without the perils of the road and the interruptions 
of the Lord Mayor's Show. Yet, when that day 
comes, the work that is done in the different clearings 
will still be based on the organization built up by Mr. 
Matthews, his predecessors and successors, and this 
account of the London Bankers' Qearing House will 
serve to make clear the History and Rules of that 
Institution. 

R. HOLLAND-MARTIN, 

Chairman and Honorary Secretary, 
Committee of London Clearing Bankers. 



CONTENTS 



PREFACE ..... 

I. THE ORIGIN OF THE CLEARING SYSTEM 
II. THE ADVENT OF THE JOINT STOCK BANKS 

III. TOWN CLEARING . 

IV. COUNTRY CHEQUE CLEARING 
V. METROPOLITAN CLEARING 

VI. STATISTICS . 
VII. AMALGAMATIONS . 
VIII. PROVINCIAL CLEARINGS . 
INDEX 



PAGE 

V 

1 

19 
24 
49 
64 
77 
87 
139 
167 



APPENDICES 

at end oj hook 

APPENDIX 

I. LIST OF CLEARING BANKS, HEAD OFFICES 
AND BRANCHES INCLUDED IN THE TOWN 
CLEARING 

II. STATISTICS RECORDING THE WORKING OF 
THE BANKERS' CLEARING HOUSE FROM 
1868 TO 1919 

III. THE AVERAGE DAILY CLEARINGS FROM 

1868 TO 1919 

IV. LIST OF BANKS AND BRANCHES INCLUDED IN 

THE METROPOLITAN CLEARING 



THE BANKERS' CLEARING 
HOUSE 



CHAPTER I 

THE ORIGIN OF THE CLEARING SYSTEM 

HERE is little doubt that the Clearing System in its 
present form is a remarkable instance of evolution ; 
it was not suddenly created, but it is the outcome of 
a gradual growth brought about as a necessity to meet 
the requirements of the times. Indeed its develop- 
ment all through has been due to forces from without 
rather than from within. 

The growth of banking accommodation has demanded 
that an institution such as the Bankers' Clearing 
House should always be in a position to meet the 
necessity of the current age, and it has never failed. 
There will be shown at a later stage many instances 
of how at the psychological moment new duties have 
been imposed, and of the efficient manner in which 
these duties have been carried out. The gradual 
increase of the bankers' cheque was the force which 
first impelled the conception of a Clearing and the 
Walk Clerks were apparently the pioneers of the 
existing system. 

The early history of the Clearing System is largely 
a matter of conjecture ; it is, however, safe to say that 
it originated in the simple exchange between Walk 
Clerks of drafts payable at their respective banks. 
Little did these Walk Clerks realize that they were 
instituting machinery which would eventually become 
the centre for the exchange of bankers' charges, not only 
for London but for the whole of England and Wales ; 
still less did they realize the part this machinery, when 

1 

1— (1776) 



I THE BANKERS CLEARING HOUSE 

fully established, would play in making the cheque 
a leading factor in the currency of the country. It 
will be admitted that without a system for the rapid 
collection and passing to credit of cheques, such as the 
Clearing provides, it would have been impossible 
for the bankers* cheque to have attained the position 
it now holds in the commercial world. 

Probably these young clerks were animated by no 
higher ideal than saving themselves trouble : certain 
it is that they received no encouragement from their 
employers at its inception, and it was many years 
before their system received official recognition, 
although even in those early days it should have re- 
quired little thought to make it evident that currency 
was economized. It was a simple business — merely 
the exchange of charges : the clerk from Bank A met 
the clerk from Bank B at a given place and the clerk 
from Bank A informed the clerk from Bank B that he 
had drafts representing so much to present for pay- 
ment at Bank B, and the clerk from Bank B informed 
the clerk from Bank A that he held drafts representing 
so much to present for payment at Bank A ; they then 
struck a balance between the two and agreed to meet 
for settlement later in the day. It is quite evident 
that this reduced the amount of currency required for 
the settlement, as, if the presentations had taken 
place at the offices of the Banks A and B, the full 
amount of each charge must have been paid in cash. 
No doubt in these early stages the Walk Clerks found 
that the number of cheques was rapidly increasing 
and that the charges were growing to such dimensions 
that it was desirable to reduce labour as much as 
possible, but they can have had no conception of what 
it would eventually involve. 

It will be well here to outline briefly what the 
Clearing System is and the service it renders to the 
community. 



THE ORIGIN OF THE CLEARING HOUSE 

Its primary object is the collection of drafts payable 
between banker and banker, and the consolidation as 
far as possible of the necessary transfer of currency 
in the settlement of all such collections. The crude 
method of numerous cross presentations and the 
consequent waste of currency is superseded and 
focused into single transfers by the individual banks 
embracing the whole of the members of the Clearing. 
This is accomplished by making exchanges at a given 
centre and totalling the debit and credit sides of the 
account, striking a balance, and then determining the 
amount due to pay or receive to or from the collective 
banks. 

It is also a means of rapid collection, and the passing 
of cheques to the debit and to the credit of banks' 
customers as quickly as possible, thus fulfilling a service 
of great importance to merchants and others ; this 
applies more particularly to the Town Clearing. It 
has truly been said of the Clearing House that it is 
the hub of city finance, that without it the huge 
daily financial transactions that take place in the City 
of London would be impossible. The knowledge that 
a final settlement and payment, or notification of non- 
payment will be made at a given hour, of cheques 
issued on clearing bankers and paid in to other clearing 
bankers to meet the requirements of the business in 
hand is invaluable. 

Nor is its usefulness confined to the narrowness of a 
particular area, as by means of the Metropolitan and 
Country Cheque Clearings the whole of England and 
Wales participates in the benefits of the system. 
These Clearings are fully dealt with in subsequent 
chapters. It is sufficient to say here that cheques 
paid into accounts in any bank in any town or village 
payable at banks in other towns or villages in England 
and Wales may be passed through and dealt with in 
their respective Clearings. 



4 THE bankers' clearing HOUSE 

It is not intended here to enter into anything 
approaching a general history of the origin of EngUsh 
banking, but it is necessary for our purpose to out- 
line briefly the methods adopted by the goldsmiths 
in the period preceding the establishment of the 
private banks. Many of the London banks of to-day 
can trace their foundation to the goldsmiths of the 
sixteenth and seventeenth centuries, for instance, 
Barclay's, Child & Co., Coutts & Co., Drummonds, 
Glyn & Co., Hoare & Co., Martin's, Smith Payne and 
Smiths. Doubtless there are others and, although 
many of them are now merged in joint stock institu- 
tions, their names are well remembered in the banking 
world. The student will find an interesting list of 
these goldsmiths dating back to the thirteenth century 
in Mr. Hilton Price's Handbook of London Bankers. 

The goldsmiths appear to have flourished greatly 
prior to the seventeenth century, but it was about 
this period that they first adapted their business 
methods to a more scientific form of banking. Thus 
they allowed interest to their depositors and themselves 
lent to the State at a higher rate of interest. Unfor- 
tunately, there were instances when the State was 
unable to meet its liabilities and panic ensued ; many 
persons were ruined and confidence in the goldsmith 
bankers was shaken. Many instances are also 
recorded of absconding goldsmiths and goldsmiths' 
clerks. It is greatly to the credit of the fraternity 
that, notwithstanding such sets back, they have left 
behind them so good a name, and the business they 
inaugurated has been of such inestimable value to 
succeeding generations. 

In the earlier part of the seventeenth century the 
merchants and goldsmiths of the City of London 
accumulated bullion in the course of business with 
foreign countries, and it was their custom to deposit 
this bullion at the Tower of London for safe custody. 



THE ORIGIN OF THE CLEARING HOUSE 5 

There was no central institution with vaults where such 
valuable property could be safely stored, and doubtless 
the Tower with its military guard was regarded as 
absolutely secure as a storehouse for their treasure. 

About the year 1640, King Charles I was much 
pressed for money and, after resorting to several vain 
expedients for raising it by debasing the coinage, 
taxes, or loans, he seized £130,000 of the bullion 
deposited in the Tower, which had come from Spain, 
and was ultimately intended to be despatched to 
Dunkirk, then a Spanish port. It does not appear 
that the seizure of the sum resulted in loss, as the 
merchants and goldsmiths, after a vigorous protest, 
obtained its return on condition that they would grant 
an immediate loan of £40,000, accepting the Customs 
receipts as security for payment of interest and capital. 
The fact that such a seizure was possible created 
alarm, and steps were speedily taken for bringing the 
bullion under the protection of the individual owners. 
Few merchants at that time possessed accommodation 
for storing bullion, and the leading goldsmiths, with 
their better equipped store-rooms, offered to take 
charge of bullion and coin, giving in exchange acknow- 
ledgments which were known as goldsmiths' notes. 
By this means deposit banking was considerably 
advanced ; the money thus deposited was used by the 
goldsmiths for discounting bills and for exchange 
purposes. Considerable profit, too, was made through 
the varying weights of the coinage, the goldsmiths taking 
full advantage of this in their exchange transactions. 
The mode of procedure adopted by the goldsmith 
bankers of the seventeenth century was to give to their 
customers a deposit note for the full amount of their 
deposit, and, when the customer required cash, these 
deposit notes were presented and the amount of the 
withdrawal endorsed on the back, thus reducing the 
liability of the goldsmith. As a matter of convenience, 



6 THE BANKERS* CLEARING HOUSE 

in some cases, several deposit notes were issued for 
small amounts, and these were presented from time 
to time as the customer required cash. 

It may be noted here that these deposits did not 
always represent actual cash paid in to the goldsmith 
banker, but frequently silver plate or other commodity, 
which to all intents and purposes was pawned to or 
purchased by the goldsmith and the full value credited 
in the deposit note. 

The issue of these deposit receipts was subsequently 
superseded by the goldsmith issuing notes of equal 
amounts ; these the customer was able to put into 
circulation, the banker or goldsmith thereby retaining 
the deposit for a longer period and so increasing his 
profit. 

As near as it is possible to ascertain, these notes came 
into use early in the eighteenth century; the first 
known printed one was issued by Child & Co. in 1735. 
This no doubt was some time after they were first 
issued and was a result of the increasing demands of 
customers. 

Eventually the cheque system was introduced by 
the bankers issuing printed forms to be filled up by 
the customer. No doubt this was brought about by the 
increase of business and a demand from the customers 
for greater facilities. 

This system appears to have grown rapidly, and 
bankers soon found that they daily received several 
of these cheques drawn on other bankers for which 
they had to make daily collections. Indeed the 
growth in these early days seems to have been so 
rapid that the banks soon found it required regular 
walks to be established and, although the centre of 
banking was then, as now, in Lombard Street, there 
were many banks in the West End, and the distances 
apart required two or more clerks to cover the ground. 

It was also found necessary to keep a larger supply 



THE ORIGIN OF THE CLEARING HOUSE 



of cash in the tills to meet the presentation of cheques 
y other bankers. 

At that time, when notes were issued, there was no 
restriction as to the amount, and the holders took 
them in good faith, relying on the integrity and 
stability of the issuing firm, but they never became 
legal tender. The confidence in the issuing houses was 
well established, and there was apparently no difficulty 
in circulating these notes. In like manner, when a 
few years later the bankers issued to their customers 
printed cheques to be filled up by the customers 
themselves, there appears to have been no difficulty 
in getting them accepted in the usual course of business 
by the traders. It must, however, be borne in mind that 
the cheque was not a promise to pay by the banker, but 
a request to the banker to pay out of the funds held by 
him belonging to his customer to a third party, and 
consequently it was not as good security as the note. 
The banker would only pay these cheques if the drawer 
had sufficient funds to meet them, or if he was prepared 
to allow a credit in the confident assurance of his 
customer's ability to eventually discharge his 
liability. 

A cheque then, as now, was not legal tender and never 
can be. The reputation that the British subject has 
for his integrity in business matters has had much to 
do with the bankers' cheque becoming recognized the 
world over as equal almost to currency payment. 

It is evident that an essential in maintaining the 
position of this credit instrument — it cannot be other- 
wise described — is the avoidance of delay in obtaining 
payment, or, in other words, the knowledge that the 
instrument is good for the amount it represents as 
quickly as possible. Now the banker has always 
recognized this essential, and in the earliest days of the 
cheque system the Walk Clerk became a necessity. 
A banker by neglect in prompt collection would 



8 THE bankers' clearing HOUSE 

incur liability in the event of a customer sustaining 
loss as a consequence of such neglect. 

The influences that unconsciously brought the 
Clearing System into being having been traced, it will 
be of interest to see how and when it first received 
recognition in a more formal way and how it first 
attained to the dignity of having a room set apart for 
the conduct of its business. It must be admitted that 
this recognition was far from cordial, and that it was 
probably rather in the nature of an attempt to remedy 
something that had become an annoyance in the 
neighbourhood than a desire to increase the useful- 
ness of the system. Mr. Holland Martin, in an article 
written by him on The London Bankers' Clearing 
House, for the National Monetary Commission of 
Washington in 1910, gave the following particulars — 
*'About the year 1770 we find that the Walk Clerks from 
the City and West End banks made a practice of 
meeting at lunch time at a public house called the 
Five Bells, in Dove Court, Lombard Street, close to 
St. Mary Woolnoth Church, and not so very far from 
the site of the Bankers* Clearing House of to-day. 
Here, in the public room, or, according to tradition, on 
the posts in the court outside, each day after lunch a 
rough system of exchange of cheques was carried on 
between the clerks from each bank, the balances 
being settled in notes and cash. This rough system of 
clearing grew to such an extent that the bankers 
became alarmed at the large amount of notes involved 
and rented a room for their clerks to meet and exchange 
drafts. The first reference to this room, which is 
believed to have been a private room at the Five 
Bells, is found in the books of Martin's Bank, where 
' Quarterly charge for use of clearing room — 19s. 6d.' is 
an entry in 1773. A little later this room was found 
too small, and a larger room was taken at Mrs. 
Irving's, a private house next door to the Five Bells." 



Thus we see that the first domicile was a room in a 
private house, for it can scarcely be claimed that a 
room hired in a public house where an exchange of 
cheques and a settlement took place (probably to the 
accompaniment of a rough luncheon, or perhaps only 
of refreshment of a more stimulating nature) is 
of sufficient importance to merit the honour of 
being designated the first home of the Bankers' 
Clearing. 

At this period of its history there is no indication 
of the transactions thus informally carried on being 
governed by any rules or that those employed in carry- 
ing it on had any supervision ; they were left to their 
own devices, and one can imagine that the work was 
regarded somewhat in the nature of a pastime. This 
spirit to a less degree was faithfully carried down to 
future generations and is evidenced at the present 
time in good-natured chaff. The element of rough 
play and coarse practical joking has now, however, 
been completely eliminated. 

The only information as to how long the accommoda- 
tion .afforded by the room hired from Mrs. Irving 
sufficed is a reference that, about 1805, Mrs. Irving was 
pensioned off and a ground floor room was taken in 
premises belonging to Messrs. Smith Payne and 
Smiths, adjoining their bank in Lombard Street. 

As to the rules that governed the Clearing House 
in these early days unfortunately no record has been 
preserved. The earliest record we have is an order 
for amendment made by the Committee of Clearing 
Bankers on the 28th March, 1821 . This, however, refers 
to rules made at a later stage than 1805, viz., 1809. 
It is evident that the rules made at this time (1805) 
were not acceptable to the workers at the Clearing 
House, as in a memorandum found in the papers of the 
late Mr. John Pocock, Inspector of the Clearing House, 
1841 to 1863, and father of Mr. John Charles Pocock. 



10 THE bankers' clearing HOUSE 

Inspector from 1863 to 1900, the following passage 
occurs — 

** The arrangements of the Clearing were altered 
(that is on going into the premises adjoining Messrs. 
Smith Payne & Smiths) and the clerks became almost 
masters, and would not submit to the new alterations, 
and a mutiny sprang up amongst them, and Mr. Barnett, 
being the Chairman of the Bankers, went into the 
Clearing House and ordered the bell to be rung to silence 
the clerks. This took place at 12 o'clock midnight, 
order was restored and a modified arrangement took 
place." 

There is no doubt that a Committee of Bankers was 
in existence as far back as 1805, but if, as is probable, 
this committee is the one referred to in the minutes 
of February, 1821, quoted below, it was regarded as 
only temporary, and its duties extended only to the 
management of the Clearing House and did not, as 
now, extend its influence to matters concerning the 
interest of bankers generally. It was not until February, 
1821, that a permanent Committee assuming larger 
responsibilities was formed, when a meeting of bankers 
was held at the City of London Tavern and the 
following resolutions were adopted — 

"1. That great advantage would arise to the Bankers 
of London from the appointment of a permanent 
Committee chosen of their own Body for the purpose 
of suggesting and carrying into effect any Bills or 
Regulations tending to increase the facility or security 
of their mutual transactions as well as for the adoption 
of measures for their protection against the numerous 
Frauds, Robberies and Forgeries to which Bankers are 
unfortunately exposed and for which purpose applica- 
tions not only to the Police but to the Executive 
Government may occasionally be necessary. 

" 2. That the thanks of this meeting be given to the 
Gentlemen who constituted the temporary Committee 



for regulating the Clearing House for their services on 
that occasion. 

"3. That a new Committee of thirteen members be 
now chosen for the purposes stated in the first 
Resolution." 

Extract from the Minutes of the Committee of 
Clearing Bankers on the 28th March, 1821. 

" That such part of the 8th Regulation, as agreed to 
1809 (which directs that no payments be made until 
the general balance is correct), be suspended, and that 
in future each clerk report himself to the Inspector 
as soon as he is prepared to pay or receive, and if the 
balance upon his sheet be found to agree or nearly so 
with the statement furnished by the Banking House, 
the Inspector will then direct the creditor who is 
first ready to receive the balance to be paid by the 
debtor or debtors first prepared to pay, and each 
party so continuing to settle in regular succession as 
they may report themselves to the Inspector, but 
no creditor to receive more than the amount of his 
balance. 

" In order to prevent the inconvenience which 
might arise from the introduction of small notes or 
money into the Clearing House for the settlement of 
balances, it was resolved that each clerk be allowed 
to give a memorandum for the fractional amount due 
from him under ten pounds, such memorandum, 
however, to be received the following day at the 
Banking House owing the money, but upon no 
consideration to be reproduced at the Clearing 
House." 



From this time forward events moved more rapidly 
and the Clearing System was recognized in a more 
formal way. There were two inspectors appointed and 
presumably certain rules were adopted for carrying on 



12 THE BANKERS* CLEARING HOUSE 

the business. It is evident that the duties of these 
inspectors were not arduous, as one if not both of them 
carried on business apart from the Clearing House. 
They were a Mr. Wilham Thomas and a Mr. John 
White. The latter was a man of many interests, as 
he appears to have been engaged in some capacity 
at the banking house of Messrs. Vere & Co., and also 
carried on a wine merchant's business in partnership 
with a brother, in Lime Street, under the name of 
J. C. White & Co. It is believed that these inspectors 
were on duty only at the closing of business, and were 
only present at the time of settlement for the purpose 
of seeing a proper adjustment. 

The present Clearing House was built in 1833 by 
Sir John Key, on a site at one time the yard of the 
General Post Office, where the mail carts were drawn up 
bringing their collections probably from the various 
coaching offices as the old mail coaches arrived in 
London from the provinces. It is even suggested 
that the site was a stable yard. The area covered was 
small and precluded the possibility of a pretentious 
or commodious building. There was no desire to make 
the building attractive from the exterior ; the bankers 
were anxious that their clerks, carrying as they did 
securities of great value, frequently Bank of England 
notes for large amounts, should not be observed by 
the public, and it was considered a merit that the 
Clearing House was so placed as to be practically 
unknown to the general public, and the clerks going 
to and fro were for the most part unobserved. 
The obscurity of the whereabouts of the Clearing 
House is evident to this day, as is illustrated by the 
following incident which took place quite recently — 
A country cousin wishing to see a relation whom he 
knew to be engaged at the Clearing House arrived in 
Lombard Street and with due caution asked a police- 
man to direct him to the Clearing House ; this the 



THE ORIGIN OF THE CLEARING HOUSE 13 

officer of the law was unable to do. He then saw a 
postman and put the same question to him ; he like- 
wise was unable to direct him, but suggested that he 
should ask in a neighbouring bank, where of course 
he obtained the necessary information ! 

Apart from the building itself the position is ideal ; 
it is in the very heart of the banking world, and the 
head offices of all the banks represented are within 
five minutes' walk, and the runners can cover the 
distance in half that time ! 

It was not long before the private banks acquired 
the freehold of this new building, for it was purchased 
by them in 1834. The number of banks interested 
in the purchase was 39, and there appears to have been 
a tontine set up whereby, in the event of an individual 
bank ceasing to exist, either by bankruptcy or by 
disposal of the business, such bank should be paid off 
the amount originally contributed towards the purchase, 
a call to be made on the remaining shareholders in 
equal amounts to discharge the liability, the amount 
of such call to be added to the value of the holding. 
We find that the number of private banks belonging 
to the Clearing House in 1853 (the year before the 
joint stock banks were admitted) had been reduced 
to 25, so that in 19 years no less than 14 had ceased to 
have an interest in the tontine. By the admission of 
the joint stock banks, in 1854, the number of banks 
represented was increased to 31 (see page 25). 

There have been numerous structural alterations, 
each of them the result of a demand for increased 
accommodation ; one of these, in 1854, necessitated the 
removal during alterations of the Clearing House to 
the Hall of Commerce in Threadneedle Street, now 
occupied by the London County Westminster and 
Parr's Bank, the old head office of the Consolidated 
Bank. 

About this time the proprietors of the Clearing 



14 THE bankers' clearing HOUSE 

House purchased the adjoining premises, No. 3 
Abchurch Lane, the basement of which was let to a 
wine merchant whose cellars extended underneath the 
Clearing House to Post Office Court ; the upper 
floors were let out in offices. These premises were a 
valuable acquisition and enabled the authorities to 
take in from time to time such space as their growing 
business required. In 1892 extensive alterations 
were taken in hand, and the whole of the upper floors 
of 3 Abchurch Lane were taken into use. The wine 
merchant, however, retained his cellars until 1915. 

In 1902, the adjoining premises, Nos. 84 and 85 
King William Street, became vacant and a lease was 
secured by the Clearing House Committee. The 
alterations which then took place rendered possible 
the introduction of the Burroughs adding machine into 
the Clearing House and the working of the Clearing 
System underw^ent considerable alteration. 

It was at this juncture (1902) that the joint stock 
banks became joint proprietors. The tontine in 
1895 had become reduced to four, namely, Barclay 
Bevan Tritton & Co., Brown Janson & Co., Robarts 
Lubbock & Co., and Smith Payne and Smiths ; in that 
year these formed a private company under the 
title of The Bankers' Clearing House, Limited. When 
the lease of 84 and 85 King William Street was taken 
in 1902, it was found that a considerable outlay would 
be required to connect the two buildings. The feeling 
was mutual that this new obligation should be shared 
equally by all members of the Clearing House and an 
agreement was arrived at whereby the shares of the 
Company were disposed of by the old shareholders to 
the clearing bankers on favourable terms in equal pro- 
portion, and an undertaking given that such equality 
was to be maintained in the future. 

There was yet another alteration of considerable 
importance in 1915. The Committee of Clearing 



THE ORIGIN OF THE CLEARING HOUSE 15 

Bankers had long felt that they did not possess a 
meeting room worthy of their calling and at consider- 
able expense they added two floors to the Abchurch 
Lane portion of their building, which enabled them to 
erect a handsome oak-panelled room for their delibera- 
tions. Many interesting meetings have taken place 
in this room during the late war, and weighty financial 
matters were often discussed here. 

The management of the Clearing House is vested in 
the Committee of London Clearing Bankers. It has 
been seen that a committee existed as far back as 
1805, and doubtless it has existed ever since. This 
committee as now constituted has one representative 
from each of the clearing banks. In the case of the 
joint stock banks it is generally the chairman, but in 
all cases it is either a director of a joint stock bank or 
a partner of a private bank. There are a few 
additional members of the Committee who have been 
co-opted, but all of them are directors of one or other 
of the clearing banks. The Governor and Deputy 
Governor of the Bank of England are ex-officio members. 
Although some of the banks have more than one 
representative, no bank has more than one vote on a 
division. The Chairman and Deputy Chairman are 
elected annually ; the Chairman is not eligible for 
election two years in succession. 

There is an Honorary Secretary, whose term of 
office is not limited. The present Secretary, Mr. 
R. Holland-Martin, C.B., has held the position since 
1905, and on him devolves, among other duties, the 
responsibility of supervising the managers of the 
Clearing House. 

The staff of the Clearing House comprises — 
The Chief Inspector, 
The Deputy Inspector, 
The Assistant Inspector. 
The banks provide the staff required to meet their 



16 THE bankers' clearing HOUSE 

needs. Thus the larger the bank the greater the num- 
ber of clerks required. It is only while in the Clearing 
House that these clerks are under the supervision of 
the inspectors. This staff is liable to constant changes : 
some banks retain a permanent Clearing House staff ; 
others have one or two head clearers of long experience 
and supply the rank and file from men of varying 
service, mostly between five and ten years' service, 
who pass through the clearing department to other 
positions in the bank. 

There are times when as many as 500 of these 
clerks are in the Clearing House, notably during the 
mornings of the first weeks in January and July 
when the Morning Town Clearing and the Country 
Cheque Clearing are at their heaviest. These two 
clearings are carried on simultaneously. The duties 
of the inspectors are defined at a later stage. 

The functions of the London Clearing Bankers' 
Committee have in recent years embraced a much 
wider scope than that of the Committee of earlier times. 
When the history of the financial problems that were 
solved during the anxious times of 1914 and onwards 
is written, it will be found that this Committee of 
Clearing Bankers took a leading part in moulding the 
solutions. Not only so, but they also brought into 
their consultations the whole of the banking community 
and rendered invaluable service to the Government 
by the lead they took in inducing the public to 
subscribe to the whole series of war loans. 

An outcome of the consultations which took place 
during the war has been an amalgamation of various 
institutions that formerly existed for the purpose of 
protecting the local interests of the particular sections 
of banking they represented. 

The new institution is known as the British 
Bankers' Association, which embraces the London 
Clearing Bankers, the Central Association of Bankers, 



THE ORIGIN OF THE CLEARING HOUSE 17 

le Country Bankers' Association, the West End 
banks, the Scotch and Irish banks, and the Overseas 
banks. All the above named were brought into 
close touch with all the distracting financial problems 
that were continually presenting themselves in the 
war period, and the Treasury freely availed themselves 
of the machinery set up by the Committee of London 
Clearing Bankers for making their wishes known to 
the banking community. Many anxious meetings 
were held, some at very short notice, and literature 
was freely and expeditiously distributed. The banks 
throughout the kingdom were kept posted in all 
matters relating to finance, and the Treasury was 
speedily informed of the attitude taken by the banks 
towards events as they matured. It may be claimed 
that the London Clearing Bankers, during the great 
war of 1914 to 1918, earned for themselves a reputation 
for dealing successfully with financial problems which 
not only affected the British nation, but assumed 
international importance. It is understood that the 
new institution will in no way curtail the functions 
of the London Clearing Bankers' Committee, but will 
rather increase its usefulness by reason of its power 
to get into consultation readily with a thoroughly 
representative body of the banking community. 

From :its foundation as an institution, the Clearing 
House has been exclusive — an attitude for which it 
has been frequently reproached. There is, however, 
much to be said in defence of this policy. In the 
first place it will be universally agreed that it is essen- 
tial that the credit of all the members should stand 
high in the estimation both of their fellow members and 
of tlie business community. This has been faithfully 
guarded throughout and it will be found on examination 
that this so-called exclusiveness is not so disadvantage- 
ous as it appears. It certainly brings within a narrow 
circle the final settlement of the day's transactions 

2— (1776) 



18 THE BANKERS* CLEARING HOUSE 

of the money market, and it excludes no one from 
taking his full share in the daily turnover. All 
financial institutions, including non-clearing banks, 
have at least one account, many of them more than one, 
either with the Bank of England or with one of the 
clearing banks, and they are able to make use of such 
accounts for clearing purposes until close on closing 
time. There is no evidence that many of these institu- 
tions desire closer intercourse. They are well served 
and enjoy many privileges without incurring greater 
responsibilities. 

It is essentially an English bankers' institution, 
and it will be found on examination that no leading 
English bank that can claim an established City of 
London business is excluded. While admitting that 
to become a member of the Clearing House adds to 
the prestige of a bank, we must repudiate the sugges- 
tion that has been made as to the attitude taken by 
the existing members, viz., " that until they became 
members, the Clearing was a disgraceful monopoly, 
but now they are members it would be a crime to 
admit others." On the contrary, the Clearing House 
Committee, as at present constituted, is most willing 
to further the interests of banking generally and to 
further increase the use of the Clearing System, should 
it be found expedient to do so. 



CHAPTER II 



THE ADVENT OF THE JOINT STOCK BANKS 

It is not intended here to enter into a history of the 
joint stock banks, but a brief outline of their position 
on their entry into the Clearing House becomes 
necessary. The Bank of England, which was 
established in 1694, is probably the oldest joint stock 
bank, but as its functions and privileges are unique 
it cannot be regarded in the same light as the more 
modern institutions which came into existence 
subsequent to 1826. 

It appears that rival joint stock banking was 
possible under the early Charter of the Bank of England, 
and one such institution was formed (probably in 1697) 
named the " Company of Mine Adventurers of Eng- 
land," which constituted itself into a bank of issue and 
circulated notes. The life of this bank was short, 
viz., about five years, and the head of the concern was 
convicted for fraud. 

By an Act of 1697 the following clause was inserted 
in the Bank of England Charter — " That during the 
continuance of the said corporation of the Governors 
and Company of the Bank of England, it shall not be 
lawful for any body politic or corporate whatsoever, 
erected or to be erected, or for any other persons 
whatsoever, united or to be united in covenants of 
partnership, exceeding the number of six persons, in 
that part of Great Britain called England, to borrow, 
own or take up any sum or sums of money on their 
bills or notes payable on demand, or at any less time 
than six months from the borrowing thereof." This 
charter was renewed from time to time, notably in 
1742. 

19 



20 THE bankers' clearing house 

It is evident from the above extract that the inten- 
tion was to deter large institutions from entering into 
competition with the Bank of England. In this it 
succeeded, though it was subsequently discovered that 
it would have been possible to establish deposit 
banks that made no claim to issue notes payable on 
demand or at any less time than six months. In 
1697 the more modern system of banking, viz.. 
Deposit Banking, with power to the depositors to draw 
against balances by means of cheques was, as far as 
we can ascertain, unknown — it certainly could only 
have been in its infancy if it existed at all, and it is 
safe to assume that banking at that time without the 
power of issue was not likely to prove profitable. 

The power given to small firms with not more than 
six partners is evidence that the small private banker 
was not feared as a formidable rival and many such 
firms were started, particularly in the provinces. 
MacLeod's Dictionary of Political Economy estimates 
that in 1750 there were not twelve banks outside 
the London area, whereas in 1793 this number had 
increased to something like four hundred. It is 
feared that many of these were founded by irresponsible 
persons, consequently, when a strain came, several 
collapsed, with the result that much distress was 
caused. But that they fulfilled a useful purpose 
cannot be denied. The Bank of England had few 
branches and the need for currency in provincial 
towns was supplied by the notes of these country 
bankers. 

In the year 1825 as many as 36 country banks 
failed, and doubtless the Act of 1826 was the outcome 
of these failures. It was pointed out that it was 
possible for any six or less irresponsible persons to open 
a bank, whereas a genuine company, however deserving 
of confidence, could not do so. 

The Act of 1826 authorized the establishment of 



THE ADVENT OF THE JOINT STOCK BANKS 21 



joint stock banks with power to issue notes at a distance 
of not less than sixty-five miles from London, a privilege 
which was taken advantage of in the provinces, but 
inasmuch as it was not permitted to establish banks 
with issuing powers within sixty-five miles of London, 
the idea of starting joint stock banks in London did 
not materialize until a later date. 

The Bank of Scotland was established in 1695, the 
British Linen Company in 1746, the Commercial 
Bank of Scotland in 1810, the Bank of Ireland in 1783, 
and several Scotch and Irish joint stock banks in 
1825. Thus it will be seen that joint stock banking 
had taken hold in Scotland and Ireland before the 
Act of 1826. It must of course be borne in mind that 
the above were issuing banks and that the Acts of 
1697 and 1742 only prohibited the formation of such 
banks in " that part of Great Britain called England." 

Provincial joint stock banks were established as 
soon as the Act of 1826 became operative ; two of the 
earliest to avail themselves of the privilege were 
Stuckey's Banking Company and the Lancaster 
Banking Company in 1826. Others followed in rapid 
succession, notably the Bradford Banking Company and 
Huddersfield Banking Company in 1827, and others 
a year or two later, the most important being the 
National Provincial Bank of England. We gather 
from an interesting article in the Statist, dated 
26th October, 1907, that as early as 1830 there was 
a committee formed in London for the purpose of 
establishing a " Metropolitan Joint Stock Company 
for banking in the country." It is evident that this 
committee had no intention of trading as bankers 
within the 65 mile limit. The following is the text of 
the resolution adopted — 

** That a system of' London management and 
subscriptions applied to the direction of country 
banking appears to this meeting well calculated at 



22 THE bankers' clearing house 

once to afford a profitable employment for capital 
where its superabundance ought to give relief where 
local circumstances may have limited the amount 
and facilities of banking accommodation." 

This committee was doubtless the inspiration of the 
National Provincial Bank which was founded in 1833, 
became an issuing bank and opened in Gloucester in 
1834 ; they purchased property in Bishopsgate in 1838, 
where they held meetings, but it was not until 1863 
that a proposal was made to establish business in 
London, and on relinquishing their note issue in 1865 
the way was opened, they were admitted to the Clearing 
House, and in 1866 three branches were started in 
London. 

In 1833 the Bank of England's Charter was renewed ; 
prior to its renewal, a committee of enquiry was set 
up in 1832 ; one of the questions before this committee 
was " The possibility of establishing Joint Stock 
Banks in London." The Act of 1833 affirms the 
legality of joint stock banks that supplied cheque 
books to their customers, who in turn issued cheques 
which were circulated, but the power to issue other 
than Bank of England notes within the 65 mile limit 
was not conceded. 

Mr. James William Gilbart made no delay in forming 
a company known as the London and Westminster 
Bank. The reception in the banking world of this 
new undertaking was by no means cordial; it met with 
keen opposition from the Bank of England and the 
private banks ; indeed this antagonism lasted for 
many years, and although the London and Westminster 
Bank was established in 1834, and immediately 
applied for admission to the Clearing House, renewed 
applications being made in 1836 and 1840, it was not 
until 1854 that admission was granted. 

The action of Mr. Gilbart settled once for all a ques- 
tion on which there had long been controversy, namely, 



lNKS 



the legal position of joint stock banks, and the London 
and County Bank, the London Joint Stock Bank and 
the Union Bank of London which had been established, 
the two former in 1836 and the latter in 1839, were 
admitted to the Clearing House in 1854. 

It is of interest here to note that when these London 
banks were first established there was no attempt 
to trade in the districts beyond the 65 mile limit; 
indeed only in one case, namely, the London and County 
Bank, was there any suggestion of extending their 
business beyond the London area. 

The conditions on which the joint stock banks were 
admitted to the Clearing House were distinctly 
generous. The property remained in the hands of 
the private banks and a small rent was charged for 
each seat occupied by the joint stock banks; the 
general expenses were met by equal payment per seat 
occupied by both private and joint stock banks. 

The development of joint stock banking is referred 
to in a subsequent chapter on Amalgamations 



CHAPTER III 

TOWN CLEARING 

The Clearing System was instituted by the private 
banks as a means of exchanging drafts payable with 
each other within a given area and for many years 
was entirely confined to that area ; consequently 
it was known as the Bankers' Clearing, without any 
distinction as to the ground covered. 

In course of time, when a wider view was taken of 
the Clearing possibilities, first the Country Cheque 
Clearing and later the Metropolitan Clearing were 
incorporated, distinctions were made, and the term 
*' Town Qearing " was adopted to embrace the old 
area. . 

Inasmuch as the final settlement of the Town 
Clearing from its inception had to be made within a 
few hours of the presentation of charges, it is evident 
that only banks within a limited area could possi'bly 
avail themselves of its benefits. It is true that there 
is evidence that in its earliest stages some of the West 
End banks availed themselves of the system ; there 
is, however, no evidence that these West End banks 
continued their membership when the Clearing House 
became an organized institution. 

Later on it will be seen how rapidly credits paid in 
by the customers of the clearing banks as at present 
constituted are dealt with at the Clearing House, and 
how impossible this would be if the area for the Town 
Clearing was extended. 

- It has been stated that the Clearing House is 
situated in the very heart of banking. The head 
offices of the banks represented are all within five 

24 



TOWN CLEARING 



25 



minutes' walk of the Clearing House ; thus we may say 
that the boundaries are as follows — 

Lothbury on the north. St. Paul's Churchyard on the 

Southwark on the south. west. 

Fenchurch Street on the east. 

In 1849 the following 25 private banks represented 
the Clearing House, each of them having one office 
only — 



Barclay, Bevan, Tritton ( 
Co. 

Barnard & Co. 

Barnett, Hoare & Co. 

Bosanquet & Co. 

Brown, Janson & Co. 

Curries & Co. 

Denison & Co. 

Fullers & Co. 

Glyn, Hallifax. Mills & Co. 

Hanbury, Taylor & Lloyd. 

Hankeys & Co. 

Jones, Loyd & Co. 



Lubbock, Forster & Co. 
Martin & Co. 
Masterman & Co. 
Prescott, Grote, Cave & Cave. 
Price, Marryatt & Co. 
Robarts, Curtis & Co. 
Rogers, Olding & Co. 
Sapte & Co. 

Smith, Payne & Smiths. 
Spooner, Attwoods & Co. 
Stevenson, Salt & Co. 
Williams, Deacon & Co. 
Willis, Percival & Co. 



In 1854 the following joint stock banks were 
admitted, and the number was increased to 31 — 



Royal British Bank. 
Union Bank of London. 
Commercial Bank of London. 



London and County Bank. 
London Joint Stock Bank. 
London and Westminster 
Bank. 

At the present time there are only 10 and the Bank 
of England, which clears on one side only. 

Although the number of banks has been so greatly 
reduced by process of absorption, by amalgamation 
or otherwise, the number of offices represented in the 
Town Clearing has largely increased ; at the time of 
writing the number is 93, as compared with 31 in 1854. 
This large increase in the number of offices represented 
is not entirely due to absorption, but also, and in fact 
to an even greater degree, to the opening of branches 
all round the City by the joint stock banks. It is 
certain that to-day any one of these 93 offices 
presents through the Clearing House a greater number 



26 



THE BANKERS CLEARING HOUSE 



of drafts for payment that any of the 31 offices did in 
1854. 

It is interesting to note that all the 25 banks 
which comprised the Clearing House in 1849, are 
to-day traceable as being absorbed with existing 
joint stock banks or still retain their individual 
identity. 

The following is a list of joint stock banks admitted 
to the Clearing House subsequent to the year 1854 — 



The City Bank 

The Bank of London 

The National Bank 

The Alliance Bank 

The Imperial Bank 

The Metropolitan Bank 

The Bank of England . 
(charge side only). 

The National Provincial Bank of 
England ..... 

The London and South Western 
Bank 

The Central Bank of London . 

The Capital & Counties Bank 

Lloyds Bank (on amalgamation with 
Barnett & Co. and Bosanquet 
&Co.) 

Parr's Bank (on amalgamation with 
Fuller & Co.) .... 

The London, City & Midland Bank 
(on amalgamation with the Cen- 
tral Bank of London, then known 
as London and Midland Bank, in 
1898 on amalgamation with the 
City Bank known as London, City 
and Midland Bank.) . 

The London & Provincial Bank 



Admitted 1856 
1856 
1859 
1863 
1863 
1863 
1864 



1865 



1878 
1878 
1882 



1884 
1891 



1891 
1914 



The method of conducting the business of the 
Clearing System is simple. The banks list at their 
head offices in the "Out Book" (no listing on the 
" Outside" is allowed at the Clearing House) all cheques 
and drafts in their possession drawn on or payable at 
other banks that are members of the Clearing House 
and make a total of their claim from each bank. These 



TOWN CLEARING 

cheques and drafts are then dispatched by clerks to 
the Clearing House and delivered at the desks of the 
banks on whom they are drawn or at which they are 
made payable. In the Morning Town Clearing 
these charges consist of all remittances received by 
post from their several branches, all bills of exchange 
held in their portfolios that have become due, and 
anything that has missed the Clearing on the pre- 
vious day. In the afternoon the charges consist 
of cheques, bills, etc., that have been received over 
the counter during the day, and towards the closing 
time there is a constant running of the clerks to and 
from the Clearing House, as it is necessary that within 
a few minutes of the paying in by customers that pay 
in late these cheques and drafts shall be in the Clearing 
House, the doors of which are closed at a stated time. 
When the doors are closed there is no means of obtaining 
payment for the cheques shut out until the next day. 

There is an agreement between the members of the 
Clearing House whereby they certify, if called upon, 
that cheques and drafts missing the day's clearing will 
be met the following day ; this is known as ** Marking," 
and the latest time for such drafts to be presented at 
the office of the bank where they are payable is ten 
minutes after the time of the last delivery of unpaids at 
the Clearing House. This undertaking is regarded as 
equal to a banker's acceptance and no banker would 
refuse to pay against cheques and drafts that were 
so certified, notwithstanding that the actual presenta- 
tion and payment does not take place until the 
following day. All cheques and drafts thus certified 
must be delivered for payment at the Clearing House 
in the next morning's Town Clearing. 

On Stock Exchange Settling Days and other occasions 
when the work is heavy, it is no uncommon thing 
near closing time to see the runners rushing down 
Lombard Street as if their lives depended upon it. 



28 THE bankers' clearing house 

The clerks at the Clearing House, on receiving the 
parcels of cheques, etc., from the runners, list them in 
the "In Books" at the Clearing House and await the 
arrival of the '* Out Books," which at the end of the 
Clearing, either morning or afternoon, are brought 
down to the Clearing House either by the clerks who 
have listed the " Out Clearing " or by other responsible 
persons. It is the duty of these " Out Clearers " 
(the charge side) to seek the " In Clearers " (the pay 
side) and to agree with them as to the final total of 
their charges. In the event of a missing voucher, 
that is, if the *' In Clearer " says ** I have no record of 
having received such a voucher," the " Out Clearer " 
must either deduct that amount from his charge or 
return to his bank and obtain, if possible, such 
particulars as will enable the " In Clearer " to readily 
trace if such a voucher has inadvertently gone up to 
his bank without being entered at the Clearing House. 
In like manner if there is a discrepancy in the amount 
charged of a single article — if for instance the '* Out 
Clearer " claims, we will say, £4,300 and the " In 
Clearer" says ''I can pay you £430 only," the pay 
side must be accepted as correct unless the " Out 
Clearer " can give such particulars as will enable 
the *' In Clearer " to trace readily the draft in 
dispute. 

In all such cases the paying side has the final 
word, but the " Out Clearer " can demand that the 
draft in dispute be produced for inspection. In 
practice, however, there is little or no trouble in such 
matters and the risk is small in the case of " marked 
articles " (the term used to denote those articles which 
are entered differently on the Out and In sides), indeed 
it is reduced to a minimum, as all such differences 
are or should be looked into the following day by the 
" Out Clearer," and the " In Clearer " will accept 
as evidence of the correct amount the statement 



TOWN CLEARING 29 

the " amount is paid in to us as so and so," and 
adjust the difference. 

In the case of missing articles the risk is greater ; 
the same course, however, is adopted with the reser- 
vation that the paying bank on being asked the 
following morning for payment on the evidence that 
such a cheque was paid into his bank by a customer, 
avoids responsibility by paying under protest. 

In all these cases there is a limit as to the amount 
held over till the next day. In early days the accepted 
limit was £50, but now £1,000 is nearer the figure. 
It is only right to say that long experience shows 
that it is only on very rare occasions that loss to the 
banks has arisen either through missing articles or 
discrepancies of entries at the Clearing House. 

The " Out " and " In Clearer s " having agreed their 
respective claims, a balance is struck between them ; 
the amount of such balance is carried on to the Clearing 
House Sheet (see specimen page 46), the bank claiming 
on balance on the debit side of the sheet and the bank 
paying on the credit side of the sheet. It will thus be 
seen that debit and credit entries of equal amounts 
have been made to the Clearing House account. 

This is repeated by all banks represented — in each 
case a debit and credit entry is made of equal amount, 
and obviously if these entries are correctly made, the 
Clearing House receives and pays equal amounts 
throughout and at no time should it have money in 
hand or be short of funds to meet its liabilities. 

It follows that the individual banks by this process 
determine their liability either to receive or to pay 
with all the other banks represented. The total of 
their indebtedness or the total of their claim from or 
to the Clearing House will be shown by the balance 
between the two sides of the balance sheet, and the 
amount of the final transfer is thus determined. 

It will be shown later that all Clearings are focused 



30 THE bankers' clearing house 

into one balance sheet, and one transfer from each bank 
is all that is required for the settlement of each day's 
work. 

Here we note that the totals of the Morning Town 
Clearing are carried forward to the Afternoon Clearing, 
or it would be more correct to say that the Afternoon 
Town Clearing is a continuation of the Morning 
Clearing. 

Until about the year 1895, the Morning Town 
Clearing was light compared Vv^ith the Afternoon, as bills 
in the portfolios of the banks and such cheques as 
missed the previous day's Clearing were the only drafts 
presented. There were, however, exceptions, notably 
the 4th, 13th, 18th and 23rd's of the month, dates on 
which commercial bills became due ; on such occasions 
the Morning Clearing was the heavier. 

About this time, 1895, it was found that the pressure 
in the afternoon had become excessive, and one by one 
the banks took to passing through in the morning, 
at first only part, and eventually the whole, of the 
remittances received by post in the morning. This 
was found to be of great advantage and was soon 
universally adopted. It was found of advantage to 
the Clearing House itself: first, by reason of the drafts 
in the Morning Clearing being retained in the Clearing 
House until the charges were agreed, which means that 
any error in entering can be finally determined by 
reference to the article in dispute ; this is quite impos- 
sible in the Afternoon Clearing ; secondly, because it 
relieves the Afternoon Clearing from undue pressure 
as it is left free to deal with the work arising out of 
the constant paying in of customers, which, in con- 
junction with the clearing drafts received by the 
Walk Clerks from foreign banks and others, forms the 
bulk of the Afternoon Clearing. 

The banks in their offices find it an advantage, 
particularly when paying some heavy dividend, such 



TOWN CLEARING 

as that of a railway or other large commercial concern, 
as they are able to deal with a large percentage of 
cheques, etc., early in the day and are free to meet the 
afternoon rush more effectually. 

It has been explained how the runners are continu- 
ally taking charges to and from the Clearing House, 
and the manner in which these charges are dealt with 
at the Clearing House ; it now becomes necessary to 
explain how the charges are dealt with at the head 
offices of the banks when received from the Clearing 
House. 

A bank having several branches known as clearing 
branches receives at its desk at the Clearing House 
charges containing cheques, bills, etc., payable at the 
head office and all its town clearing branches. 
These charges are received unsorted and the first 
thing done on reaching the head office is to sort these 
cheques, etc., to the various branches where they are 
payable and where the account is kept. Two or three 
of the banks do this sorting into branches actually at the 
Clearing House. Messengers are waiting to convey 
these charges to the respective branches; this has to 
be done very rapidly, as the interval between the time 
that the charges are received by the head office and the 
time that they must be paid or returned as unpaid to 
the Clearing House is very short, as will presently be 
evident. 

The next thing to be done is to sort the drafts 
payable at the head office into departments and sections 
to which they belong, namely. Foreign, Country Office 
and Town Office, the latter embracing accounts kept 
at the head office itself, the drafts in this department 
generally being paid against the balance in hand of the 
customer drawing the cheque or accepting the draft 
without advice, whereas in the two former cases they 
are usually paid against advice. It is then necessary 
that the drafts should be closely examined by experts 



32 THE BANKERS* CLEARING HOUSE 

as to signature, as to the state of the account, as to 
endorsements, as to due date, etc. If found in order 
they are cancelled and paid ; if for any reason they 
are not in order they are entered in the unpaid book 
and sent back to the Clearing House to be returned 
to the presenting bank. 

As the time allowed for " unpaids " to be back in 
the Clearing House is little over an hour after the last 
presentation, it is necessary that all engaged in this 
work should be expeditious and accurate. It would 
be quite impossible to accomplish this if the Afternoon 
Clearing was delivered in one charge, as is done in other 
clearings ; the constant supply enables the head offices 
to keep the work close up, and although the pressure 
is necessarily greatest towards the close of business 
both at the Clearing House and at the banks, the time 
is rigidly adhered to. 

It may be remarked here that the London Bankers' 
Clearing is unique by reason of the rapidity with which 
the settlement takes place after presentation. Few 
people outside the City of London realize that it is 
possible to pay into their banker on the stroke of closing 
time cheques on other clearing bankers which will be 
presented for payment at the Clearing House within 
ten minutes of their doing so, and that they can 
draw against them knowing that their own cheques 
will be met, provided that the cheques they have 
paid in are honoured, and that the fate of these 
cheques will be known within a little more than an 
hour of their paying them in. 

To return, however, to the course of business. On 
reaching the Clearing House, such *' xmpaids " as 
are known quite early in the day to be out of order 
and are therefore not possible to be paid, are charged 
in the Afternoon Clearing to the original presenting 
bank as though they were articles payable with 
itself, attention being called to the fact that they 



are returns unpaid, and not articles presented for 
payment, by their being placed face downwards 
in the charge by the " Out Clearer." The " In 
Clearer " so receiving them, makes a mark " R " 
against the entries and sends them back to his 
head office as "unpaids." To this extent the 
presentations in the Clearing are duplicated, but 
inasmuch as the number of these returns amounts to 
only a small fraction of 1 % of the total of the Clearing 
turnover it need hardly be noticed. The later 
*' unpaids," known as " returns after four o'clock," 
are entered as separate charges to the banks and these 
charges are agreed in the same manner as the ordinary 
charges. It is not, however, the practice to strike a 
balance between the sides of these returns, but to 
carry the totals of each side, debit and credit, to the 
end of the general balance sheet. 

It has already been pointed out that the amount of 
these returns is a mere fraction, but it remains to be 
added that the number of " unpaids " with bad answers, 
such for instance as " N.E." (no effects) " N.S." (not 
sufficient) or '* R.D." (refer to drawer) are a fraction 
of a fraction. The large majority of " impaids " are 
returned for irregularities such as *' not endorsed," 
" E.I." (endorsement irregular), *' not dated," ** requires 
a stamp," etc. A fair number of inland bills 
are returned with the answer '' N.O." (no orders) ; 
this, however, is largely due to the neglect of the 
provincial acceptor in not advising the local banker 
that he has made his acceptance payable in 
London. 

A rule of the Clearing House is that " all drafts 
unpaid should have on them an answer in writing 
stating the reason for their non-payment." Thus 
for instance it would be irregular to have as answer 
'* present again." In a case where there are not 
funds in hand at the moment to meet the cheque, but 

8— (1776) 



34 THE BANKERS* CLEARING HOUSE 

the banker may have funds in course of collection, 
the correct answer would be ** effects not cleared"; 
** present again " would not convey that meaning 
and would not be a reason for not meeting the 
cheque. 

When the balance sheet has been so far completed 
as to include the last unpaids, the totals of the Metro- 
politan Clearing, and the balance of the Country 
Cheque Clearing, it remains only to strike the balance 
to determine whether the individual bank has to 
receive or to pay on the whole of the Clearing trans- 
actions for the day. If it is a pay balance, the clerk 
in charge fills up an order to the Bank of England to 
transfer from the account of his bank to the Clearing 
House account at the Bank of England the amount 
his bank is liable to pay on the day's transactions, 
thus making a credit balance to the Clearing House. 
If on balance the bank has a claim against the Clearing 
House, the clerk in charge makes out a transfer for 
the amount of his claim from the Clearing House to 
the account of his bank at the Bank of England. 
(For specimens of these transfers, see pages 47 
and 48.) 

The final settlement of the day's clearing was 
originally made in Bank of England notes and cash, 
the system being that each bank settled direct with the 
other banks, and it was not until about the year 
1841 that the method of making one payment for the 
complete day's work was introduced. Bank of England 
notes and cash were used until 1854, when at the 
suggestion of Mr. Derbyshire, then Chief Inspector, 
the following arrangement was made with the Bank 
of England — 

1. That the Bank of England shall appoint a clerk 
to attend after the usual hours for the purpose of the 
Clearing. 

2. That his business shall be to receive orders 



TOWN CLEARING 



35 



signed by the bankers empowering the bank to debit 
the accounts of the said bankers and credit the 
Clearing account. 

3. That he shall also sign vouchers presented by 
other bankers who have claims on the Clearing, as 
certified by the Clearing House Inspector, so long as 
there shall be a sufficient balance upon the Clearing 
account ; but if there be not money enough for the 
last claimant, the voucher shall be given for the balance, 
and the deficiency stated thereon. If there be more 
money than claimed the balance shall remain over 
for the next day. 

By this means the use of Bank of England notes 
and cash in the settlement of the Clearing was dis- 
pensed with, and the vast sums passing through the 
Clearing House are now settled without the passing of 
so much as a penny piece. It should here be noted 
that at that time (1854) the Bank of England had no 
seat in the Clearing House and that these transfers 
were made to and from the Clearing House account 
at the Bank of England's office. Previous to the entry 
of the Bank of England into the Clearing House in 
1864, a bank having a claim on balance at the end of the 
day could not present its claim at the Bank of England 
until such time as transfers from other banks who 
were paying on balance had lodged amounts to cover 
the claim. This frequently held up clerks who 
were smarter than their fellows and finished their 
day's work early. In the year 1864 the Bank of 
England came into the Clearing for the purpose of 
collecting drafts payable at the clearing banks, that 
is on the " Out " side ; they do not, however, pay 
drafts payable at their own head office through the 
Clearing House. In the Metropolitan and Country 
Cheque Clearings they clear on both sides, " out " 
and "in," but do not act as clearing agents for 
country banks, receiving only cheques payable at their 



36 THE bankers' clearing house 

own provincial branches in the Country Cheque 
Clearing. 

On the entry of the Bank of England into the 
Clearing House, the holding up of clerks until such 
time as sufficient money was lodged to meet the 
claims of any transfer was overcome, by reason of the 
Bank of England having invariably a charge balance, 
and the Inspectors always hold the Bank of England 
transfer till the last, reserving to themselves the right 
to deduct any small difference there may be in the 
final trial for the day. 

Here it may be stated that the Inspectors have to 
make a final balance sheet for the whole of the Clearing 
House. It is obvious that if the individual banks have 
correctly made up their balance sheets, the Clearing 
House has simply to receive and pay an equal sum. 
It is equally obvious that in such an institution clerical 
errors must occur, and the Inspectors have licence to 
leave their final balance differing to a moderate amount. 
It does occur at times that they find themselves out 
for a considerable sum ; it is then their duty to 
trace the error the same night, however late it may 
keep them, and have it adjusted. Often the adjustment 
takes longer than tracing the error ; the banks involved 
have to be brought together and decision made as to 
who has to be debited or credited as the case may be. 
A second transfer for the amount involved has to be 
deposited at the Bank of England. 

The difficulty of adjusting these differences is great, 
but modern experience is mild compared with that of 
a former Chief Inspector who on an occasion after 
tracing the error was held up while a messenger was 
dispatched to a far suburb to fetch the Head Clearer 
of the offending bank to sign the necessary transfer 
for adjustment. It was not until close on midnight 
that the difference was settled, as the messenger had 
difficulty in finding his man who, it appears, was 



TOWN CLEARING 



courting at the time and was eventually traced in the 
neighbourhood of Primrose Hill. This same Chief 
Inspector also related that on another occasion he 
overlooked an error in his first and second searches 
and feeling tired and disheartened he took a walk 
round St. Paul's Churchyard about eleven o'clock 
before commencing his further search. 

All minor differences are traced and settled the 
following day. 

Hitherto only the differences arising out of the 
settlement on the balance sheets have been referred 
to. It is necessary to point out that the differences 
in the charges of one bank to another are much more 
numerous and more difficult to trace. When it is 
realized that these charges involve thousands and 
even tens of thousands of entries on each side it will 
surprise no one that errors occur. The duty of finding 
these differences lies with the banks, and only comes 
under the official notice of the Clearing House by reason 
of there being an official Difference List which is 
instituted for the purpose of indicating where the 
difference may be found. If, for instance, a bank has 
a difference on its " Out " side the inference is that 
if it is between it and another bank it should show 
on the official list on the " In " side of the otlier 
bank, and it is more easily traced as, naturally, 
instead of a general search being necessary, attention 
would be directed to the charge of a bank having 
a difference on the opposite side of similar amount. 

As errors on the " Out " side are more easily traced 
than on the " In " side it is recognized that banks 
should lose no time in tracing their differences on the 
*' Out," and an agreement has been made by the 
bankers in the Country Cheque Clearing to find their 
differences on the " Out " side within a month. 

It should be noted that it by no means follows 
that these differences occui* only between the banks at 



38 THE BANKERS* CLEARING HOUSE 

the' Clearing House, as they are frequently internal, 
between the bank and its own customer. If there is 
no indication on the official Difference List^^ of two 
banks differing for a like amount the inference is that 
the error is an internal one. 

It is of course evident that if the difference on the 
" Out " side appears as " over " (that is the bank has 
been overpaid) the corresponding difference on the 
** In " side would appear as a " short " (that is the 
bank has been underpaid). 

A strict rule of the Clearing House is that all drafts 
passing through should have the name of the pre- 
senting bank — in the case of cheques and dividend 
warrants across the front, and in the case of bills 
usually on the back, as a receipt. The observance of 
this rule is of the utmost importance as, in the event 
of a draft being unpaid, there is no difficulty in tracing 
it to the rightful owner. The neglect to comply 
strictly with this rule is often the cause of much 
trouble and delay in delivering returns to the customer, 
and in some cases ends in loss either to the bank or to 
the customer of the bank. No one who has not had 
experience of the Clearing House can have any concep- 
tion of the trouble caused in tracing unpaid cheques 
when the name of the presenting bank is not on the 
draft, particularly if they are for even amounts. Take 
for instance a cheque for £5, a very common amount, 
returned with a bad answer ; it may mean that all 
cheques for a like amount presented that day in that 
particular Clearing have to be traced and much work 
is given to all the banks, not only at their head 
of&ces, but at the branches, for the head offices often 
have to communicate with their branches asking for 
particulars of the cheques remitted by them for the 
amount of the uncrossed return on that particular 
day and it is generally a long time before such informa- 
tion can be obtained. In some cases it is impossible. 



TOWN CLEARING 



39 



as the customer of the branch may have taken the 
cheque in the way of business from a chance customer 
of his, and if this prove to be the unpaid cheque, loss 
would ensue, whereas, if the cheque had been crossed 
and returned in course, it is probable that the trades- 
man would not have parted with his goods, or that he 
would be able to get in touch with the party from whom 
he accepted the cheque. 

Every effort is made by the banks and the Clearing 
House to impress on the branches the supreme impor- 
tance of stamping the name of the bank and of the 
branch on all articles received. Neglect to comply 
with this rule is as far as possible brought under 
notice. When a lapse takes place, it is generally owing 
to an inexperienced junior who has no conception of 
the trouble it may cause. 

Another cause of trouble is when cheques are 
presented the second time through the Clearing 
by a different bank to the one first presenting 
them. 

In such cases the cheques generally have the names of 
two banks across them, and would be refused payment 
with the answer '* Crossed two bankers " ; it is then 
only necessary to fix which of the two banks was the 
last to present them. There are known cases, how- 
ever, where the second bank has omitted to place its 
stamp across them. If these cheques are unpaid they 
would be returned to the bank whose name was 
across them, and it would eventually be found that 
the bank whose crossing was on the cheques did not 
present them on the second occasion, and search 
would then have to be made as to which was the 
offending bank that had omitted to put its stamp 
upon them. 

No bank should receive from a customer cheques 
specially crossed to another banker, but if inadvert- 
ently such cheques have been received it is the duty 



40 THE bankers' clearing house 

of the bank so receiving them either to cross them 
with its own stamp or to return them without pre- 
sentation to its customer. It is evident that a banker 
crossing a cheque specially crossed to another bank has 
no legal right to do so, and he would destroy the 
possibility of the cheque being paid ; at the same time 
he has no right to present the cheque through the 
Clearing without indicating the channel through which 
it is presented. It is usual in the Clearing House, 
if cheques crossed to a different bank are noticed in 
the charges, to refuse to receive them. The speed 
at which the work is done renders it impossible to make 
a close examination of the crossings of the cheques, 
and it is probable that from time to time such cheques 
pass through undetected. 

The time table given opposite is pre-war. The 
conditions brought about through the shortage of 
staff, etc., between 1914 and 1918 made it necessary 
that these times should be modified, and at the time 
of writing these modified times are still observed and 
are inserted in italics. 

Remittances : — Previous to the year 1903 all 
charges at the Clearing House were listed by hand. 
Some time before that date the work involved had 
caused considerable anxiety to the bankers, the 
charges had attained such dimensions and the strain 
on the staffs was so great that frequent breakdowns 
of health occurred. The clerks employed were efficient 
(some of them entering and casting as many as 1,200 
cheques in an hour) but the high pressure told on 
them. It was at this juncture that the Burroughs 
adding machine was introduced. Fortunately, premises 
adjoining the Clearing House became vacant and 
accommodation was found for an adequate supply 
of these machines. 

It was also at this period that alterations in the mode 
of remittance from the branches to head offices was 



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42 THE BANKERS* CLEARING HOUSE 

gradually introduced. The old system was that the 
branches sent to their head offices two parcels : one 
containing " Cash," which included Town Clearing, 
Walks, etc., the other " Country Cheque Clearing." 
Neither of these parcels was sorted by the branches ; 
they had to be sorted at the head office, first into the 
sections above named, then passed on into the various 
sections to be re-sorted to the various banks, branches, 
etc., where payable. The Country Cheque parcel was 
sorted to the clearing banks, either to the head offices 
of the banks on which the cheques were drawn or to 
the clearing bank that acted as London agent for the 
provincial bank. The alteration in this system was 
very gradual, but has now become universal. It 
originated in the Country Cheque Clearing, and is 
known as the ** Parcel System." 

The branches now sort into clearing parcels, making 
a total of the branch's claim from the individual 
clearing banks in all clearings separately. They 
summarize these totals and are credited accordingly. 
The working of this system is as follows — 

Instead of separate entries on the " Out " side for 
every cheque presented, the total of each branch's 
claim is entered, thus saving many entries, as there 
is no limit to the number of cheques that may be 
included in the branch's total ; for the purpose of 
agreement the branches' lists are brought to the 
Clearing House by the " Out Clearers." The " In 
Clearers" enter in detail and thus a better check is 
obtained ; it will be admitted that there is greater 
risk of two falling into the same error than of two 
distinct errors being made. 

The lists prepared by the branches give only the 
name of the branch on which the individual cheque 
is drawn and the amount. If further particulars are 
required, reference has to be made back to the 
branch. 



TOWN CLEARING 
THE CLEARING HOUSE 



Rules and Regulations 



TOWN CLEARING 



Ordinary days, Excepting Saturdays 

Time Table Morning Clearing to open at 10.35 a.m. 

Drafts, etc., to be received not later than 
11.5 a.m. 

Afternoon Clearing to open at 2.35 p.m. 
Drafts, etc., to be received not later than 
4.10 p.m. (3.40 p.m.) Returns to be received 
not later than 5.5 p.m. (4.50 p.m.), excepting 
on settling days and the first six working 
days in January and July, when the last 
delivery shall be 4.15 p.m. and Returns 
5.30 p.m. 

{Note. — The times given in brackets are the 
times arranged to meet war time require- 
ments and are still in force.) 

Saturdays 

Morning Clearing to open at 9 a.m. Drafts, 
etc., to be received not later than 10.15 a.m. 

Afternoon Clearing to open at 12 noon. 
Drafts, etc., to be received not later than 
12.35 p.m. Returns to be received not later 
than 1.25 p.m. 

Exceptions. — Saturdays following Friday 
Stock Exchange settling days the time for 
the last delivery of Returns will be 2.30 p.m. ; 
on the first two Saturdays in January and 
July, and the first Saturday in April and 
October the time will be 1.45 p.m. for the last 
delivery of Drafts for payment, and 2.45 p.m. 
for Returns. 

l5^ April, 30th June, 1st October, 3lst 
December, the day succeeding a Bank Holiday, 
and on other such days as the honorary 
secretary may determine. 

On these days the time shall be 4.15 p.m. 
for the last delivery, and 5.15 p.m. for the last 
Returns, except when either of these days is 
a Saturday, when the time shall be 1.45 p.m. 



44 



THE BANKERS CLEARING HOUSE 



Agreement of 

Morning 

Clearing 

Final 

Delivery 



Unpaids 



Returned in 
Error 



Stock 
Exchange 
Settling 
Days 



Uncrossed 
Returns 



Answer on 
Returns 

Answer on 

Return 

Sufficient 



for the last delivery and 2.45 p.m. for the 
last Returns. 

{Note. — These exceptions are no longer 
observed. Extra time is allowed as circum- 
stances require.) 

GENERAL RULES 

The total amount of the Morning and 
Country Delivery shall be agreed by each 
Clearer before leaving the Clearing House. 

All Clerks that are in the Clearing House 
by the time appointed for final delivery shall 
be entitled to deliver their articles, though 
they may not have been able to pass them to 
the different desks before the clock strikes. 

All Returns in the Clearing House upon the 
stroke of the clock, at the time appointed for 
final delivery, must be received by the 
Clearers and credited the same day. The 
Inspectors are instructed to close the doors 
and not re-open them until such returns 
have been delivered. 

Any bank which has accepted and paid an 
article returned to it in error, may require 
payment through the Clearing House on the 
following day. 

Notice shall be entered upon a Board at the 
Clearing House, giving monthly statements 
of those settling days at the Stock Exchange, 
upon which the time for receiving Returns is 
to be 5.30 p.m. {This time is no longer 
observed.) 

With regard to all Drafts not crossed, and 
all Bills not receipted, sent to the Clearing 
House as Returns, the Clearer holding them 
must fully announce the particulars to the 
Clearing House, and if not claimed, the case 
must be represented to the Inspectors, but 
on no account can the Clearer be allowed to 
debit the Clearing House with the amount 
until an owner can be found. 

No Return can be received without an 
answer in writing on the Return why payment 
is refused. 

It shall be sufficient in order that a Return 
shall be received and credited, that it shall 
have on it an answer, why returned ; and no 
Clearer shall refuse to pass to credit any 
Return that shall be so marked. 



Market 
A f tides 



Drafts not to 
he entered at 
Clearing House 
Differences 
Overlooked 



Order in the 

Clearing 

House 



All the differences arising from Marked 
Articles of ;^ 1,000 and upwards must be 
finally ascertained and placed to account 
before the Clearer makes up his Balance 
Sheet. 

No Clearer shall be allowed to charge 
out Drafts in the Clearing-out Book at the 
Clearing House. 

All differences of more than ;^1,000 that 
may have been accidentally passed over at 
night, shall be settled by a transfer at the 
Bank of England, the first thing next morning. 

The Inspectors are charged with the pre- 
servation of order and decorum in the Clearing 
House, and are instructed to report to the 
Committee of Bankers disorderly conduct on 
the part of any persons, calculated, in their 
opinion, to obstruct the adjustment of the 
business of the House. 



[SPECIMEN OF BALANCE SHEET.] 

BARCLAYS BANK, Limited. 
Debtors. Creditors. 

Bank 



_^Lon.Cy.Wst. & Parrs Lom. St. 

4 

Glyn 

Lon. Jt. City & Mid. P. St. 
,Lond.Cy.West.& Parrs H.O., 



Lloyds 

Lon. Jt. City & Mid. H.O. 
Bank of Liverpool & Martins 

National 

.Nat. Prov. & Un.Bk.Eng.H.O.. 



Lon.Cy.Wst. & Parrs Bar Lne. 

Coutts 

Nat.Prov.& Un.Bk.Eng.P.St. 

Williams 

Country Clearing 
Metropltn. Clearing 
C.H. 

46 



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CHAPTER IV 

COUNTRY CHEQUE CLEARING 

This Clearing, as the title indicates, is only a Cheque 
Clearing, and bills and drafts not payable on demand 
are not collected through this channel. 

The inauguration of the Country Cheque Clearing 
took place in 1858, and was the outcome of agitation by 
the country bankers, who formed a committee for the 
purpose of inquiring into the possibility of starting 
in London a Clearing House of their own. 

The scheme appears to have made considerable 
progress, and the Committee of the London Clearing 
Bankers were invited to appoint two or three of their 
number to co-operate in forming a working committee. 

At this stage, Mr. John Lubbock (afterwards Lord 
Avebury) evolved a plan by which the machinery of 
the London Clearing House could be utilized for the 
purpose. This scheme was eventually adopted and is, 
with very small modification, the same as now exists. It 
was arranged to sandwich the Country Cheque Clearing 
between the morning and afternoon Town Clearing. 

There is no doubt that this was a wise decision on 
the part of the London clearing bankers. At that 
period it was a lucrative part of their business to act as 
agents to the country bankers, and there is little doubt 
that the country banks were prepared to start a bank 
of their own in London to do their clearing ; this would 
have seriously threatened the London bankers' business. 

When the Country Cheque Clearing was instituted, 
it was open to all provincial banks in England and 
Wales. It was only necessary on their part to appoint 
one or other of the London clearing bankers their 
London agent and to print on the bottom of their 
cheques the name of such agent. The country 
banks, with only one or two exceptions, readily 
availed themselves of the privilege. It at once relieved 

49 

4— (1776) 



50 THE bankers' clearing house 

them from the very expensive and tiresome business 
of collecting and paying cheques on other provincial 
banks passing through their hands. It instituted a 
system whereby they dispatched to London in one 
parcel all cheques drawn on other country banks 
received by them in the day's work, instead of sending 
as many letters as there were towns or branches at 
which these cheques were made payable ; they also 
received in one letter the bulk of the cheques payable 
by themselves and paid into the banks throughout 
the kingdom, thus synchronizing into one payment that 
which hitherto involved a multitude of payments. 

In order to understand rightly the position of the 
London Clearing bank with regard to the Country 
Cheque Clearing, it is essential to remember that such 
a bank, whether it be its own head office with branches 
all over England or whether it be the appointed agent 
of a country bank, is in this connection merely an agent 
appointed for the purpose of the clearing. The London 
banker accepts no responsibility that rightly belongs to 
the country bank, and can only pay the country 
banker's cheques on receiving authority to do so ; in the 
case of a head office by the authority of its branch, and 
in the case of an agent by the authority of his principal. 
Cheques passing through this Clearing are sent for 
collection at the risk of the payee or owner. No 
risk in transit is accepted by the agent, and the only 
possibility of liability incurred by the agent is that 
if by his neglect he addresses a cheque to the wrong 
destination, and causes delay whereby loss is incurred 
by the owner, it is probable that the agent would be 
liable for the amount of such loss. 

The Country Cheque Clearing is more complicated 
than the Town Clearing by reason of the settlement not 
taking place until two days after presentations are made. 
The procedure as to charges in the Clearing House is 
the same as in the Town Clearing, with the exception 



COUNTRY CHEQUE CLEARING 51 

that, in agreeing, the cheques are not sent away from 
the Clearing House before the charges have been agreed. 

The charges presented contain all cheques drawn on 
country branches and country banks in England and 
Wales for which the bank to whom they are presented 
act as agents. It does not include the Channel 
Islands, the Isle of Man, the Scilly Islands, or over the 
Scottish border. If a country bank has more than 
one London agent, the presentations are made to the 
clearing bank that acts as agent for the branch on 
which the cheques are drawn. 

A great trouble in the Country Cheque Clearing is 
the mis-sorts. It has been shown how the parcel 
system is worked, and it will readily be seen that if 
cheques are sorted into wrong parcels confusion must 
arise. To avoid confusion as much as possible it is 
arranged that parcels shall not be disturbed — that the 
*'In Clearer" shall enter cheques wrongly delivered to 
him, so as not to interfere with the sequence of his entries 
and those of the "Out Clearer." When the agreement 
takes place these "wrongly delivereds" are returned 
to the " Out Clearer " and he and the " In Clearer " 
both deduct them from the end of their charges. 

It is the duty of the " Out Clearer " to have these 
cheques charged to the right bank, if possible at the 
Clearing House ; if, however, they are discovered too 
late to catch the representative of the bank to which 
he wishes to charge them, he having left the Clearing 
House, the " Out Clearer " then enters them on a 
sheet known as the "Wrongly delivered sheet," 
charging them to the respective banks acting as 
agents of the banks where payable. The cheques are 
placed in envelopes addressed to the various clearing 
banks and deposited in a box provided for the purpose 
for dispatch by the Clearing House messengers. 

If these wrongly delivered cheques are not discovered 
until after the charges have been agreed and both the 



52 THE bankers' clearing house 

" Out " and " In Clearers " have left the Clearing 
House, they are sent to the Clearing House as soon as 
possible in envelopes as above described ; they are 
not, however, deducted from the ** In " charge, but are 
treated as accepted for collection and then charged to 
the right clearing agent on the '* Wrongly delivered 
sheet " and are paid in course, a note being made that 
they were received not from the bank whose crossing 
is on them, but from another bank to whom they have 
been wrongly delivered. 

These envelopes are sent to the various banks and 
the cheques are entered on the pay side of the ** Wrongly 
delivered sheet." The sheets are checked the following 
morning by the Clearing House Inspectors; a debit 
and credit entry for each amount of course has to be 
made, the totals of the sides are carried on to the 
Country Cheque Clearing balance sheet. It may be 
asked why more in this Clearing than in the others are 
these " wrongly delivereds " the source of trouble. 
The answer is that, by reason of amalgamations and 
the consequent change of agencies, there are constantly 
being presented cheques whereon the change is not 
indicated, and, although notice of all such changes 
is officially circulated by the Clearing House, it takes 
a long time before they are fully realized ; added to 
this the making up of parcels at the branches is mostly 
done by juniors who are not conversant with the 
changes that take place. 

The balance sheet in the Country Cheque Clearing is 
arranged differently from that of the Town Clearing. 
Instead of a balance being struck with the individual 
banks the totals of the charges are brought on to the 
debit and credit sides and the balance is struck at the 
end of the sheet and carried on to the Town Clearing 
sheet. This requires explanation. As the payment in 
this Clearing does not take place until two days after 
the work is entered, there is time to adjust any 



COUNTRY CHEQUE CLEARING 



difference there may be before the settlement. It is 
a rule of the House that these charges shall be agreed 
at the Clearing House on the day the work is done and 
that no total shall be altered after agreement has been 
made. It has been found by experience that a con- 
stant source of error is in incorrectly carrying on these 
totals to the balance sheets, and the Inspectors go 
through these sheets on the morning following the day 
they are entered for the purpose of discovering such 
discrepancies. This enables the banks to adjust such 
differences before the day of settlement. The only 
further entries on the balance sheets are the debits 
and credits for unpaid cheques and back differences. 

The method of dealing with " unpaids " is entirely 
different from that of the Town Clearing. All 
** unpaids " are sent back direct by post to the bank or 
branch whose crossing they bear, and a debit slip is 
sent to the head office or London agent ; on the day 
of settlement this debit slip is charged to the banker 
representing the bank to whom the cheque has been 
returned. The time limit for the dispatch of cheques so 
returned is the closing of business on the day that the 
country bank receives them from the London Agent. 
That is to say, they must be posted the same night 
addressed to the bank or branch whose crossing is 
upon them ; if held over until the following day the 
banker on whom they are drawn incurs liability for loss 
that may accrue to the payee by reason of this neglect. 

It is evident that neither the London agent nor the 
bank on whom cheques are drawn can be held 
responsible for delays or loss of letters in the post 
office; hence it is clear that this is a risk which the 
owners of cheques alone can take. Happily it is 
seldom that letters are lost. It does, however, fre- 
quently occur that letters are delayed ; to meet this 
contingency a system of paying under protest has 
been arranged in this Clearing, and is as follows. 



54 THE bankers' clearing house 

If the London agent does not receive by return 
of post an acknowledgment from his principal that he 
has received the remittance sent to him in course, he 
notifies on a notice board provided for the purpose 
that he pays cheques drawn on that office under 
protest. The effect of this is that unpaids, if any, will 
be treated as in course if received within two days 
(namely, two days late), thus giving the London agent 
time to communicate with the country bank and to 
receive a reply. This is generally found sufficient ; 
there are times when an extension of time becomes 
necessary, such for instance as a railway strike. 
During the war a good deal of elasticity was allowed, 
but through it all very little ultimate loss was incurred. 

When a letter containing these remittances is 
actually lost in the post, considerable trouble is caused 
in tracing the owners of all the cheques and obtaining 
duplicates. It is the duty of the presenting banker 
to advise his customer of the loss of these cheques, 
and the customers of the presenting bank must obtain 
duplicates. 

The growth in this Clearing is perhaps more remark- 
able than in any other. It is regrettable that figures 
are not available from its inception ; it is still more 
regrettable that when the figures were first published 
in 1868 they were inclusive, and that the two Clear- 
ings then existing were not treated separately. At a 
later stage will be found an analysis of the figures ; 
it is here only necessary to take a general view of the 
causes of the extension of this Clearing. In 1858, the 
banks scattered about the country were few and far 
between ; indeed it had to be a town of considerable 
size that could boast that it had a bank, and most of 
the London Clearing Banks found when the Country 
Cheque Clearing was instituted that one or two clerks 
were all that was necessary for the new work they had 
undertaken. 



COUNTRY CHEQUE CLEARING 

It was, however, the increased banking facihties 
which had come into operation previous to this date 
which prompted the country bankers to move in the 
matter of clearing. 

The joint stock banks were rapidly moving, open- 
ing branches in districts hitherto but indifferently 
served, tradesmen were given the luxury of banking 
accounts, and cheques were circulating in a manner 
that before that time seemed incredible. 

This gro\\i:h of banking accommodation has been 
continuing wdth ever-increasing energy, and year by 
year the number of cheques passing through this 
Clearing has increased by leaps and bounds. 

It soon became evident that the Country Cheque 
Clearing had become an important department, and 
the time allowed for dealing with it at the Clearing 
House was quite inadequate. This led to the banks 
making exchanges outside the Clearing House and 
only meeting there for the purpose of agreeing and 
balancing. This exchanging of charges outside 
brought about considerable confusion and many errors ; 
it also involved a considerable waste of time, in addition 
to which it raised the question as to whether charges 
so exchanged constituted a good delivery. As the 
Clearing House is recognized as the official place 
where charges are exchanged, it became a question, 
should loss occur through a bank delivering wrongly 
to an unauthorized person, where the liability would 
lie. As long ago as 1811, it was decided that present- 
ment of a cheque through a recognized Clearing House 
was equivalent to presentment to the diawer bank. 
In 1833 the then existing practice of the London 
Clearing House was j udicially summarized and acknow- 
ledged. A further objection to this practice was 
the fact that work was done outside the Clearing 
House for which the Clearing House was held 
responsible, whereas it often happened that none of 



56 



THE BANKERS CLEARING HOUSE 



the vouchers was ever brought into the Clearing 
House. 

In short, this department, particularly in the 
banks that had large country connections, was border- 
ing on chaos when, in 1902, by reason of the increased 
accommodation afforded and the introduction of the 
Burroughs adding machines in the Clearing House, 
it was rendered possible to conduct this Clearing 
simultaneously with the Town Clearing, thus doing 
away with the objectionable practice of exchanging 
charges outside the Clearing House. 

Under war pressure, as a temporary arrangement, 
this practice has unfortunately been allowed to creep 
in again. It is to be hoped that circumstances will 
soon permit of a return to normal conditions. 

COUNTRY CHEQUE CLEARING 

Rules 

Object of A Clearing to be held in the middle of each 

Country day for the interchange, among the London 

Cheque Bankers, of Cheques on their Correspondents in 

Clearing the Country, placed in their hands for collection. 

Despatch to Each London Banker to remit for collection 

Country to his Country Correspondents the Cheques 

Banks drawn upon them, saying " Please say if we 

may debit you £ for cheques enclosed." 

Crossing of Country Bankers wishing to avail them- 

Remittances selves of this Clearing to remit their Country 

Cheques to their own London Agent, to 

stamp across them their own name and 

address and that of their London Agent. 

Unpaids Any Country Bank not intending to pay 

returned a Cheque sent to it for collection, to return 

direct it direct to the Country or Branch Bank, 

if any, whose name and address is across it. 

Crediting Each Country Banker to write by return 

London of post to its London Agent in reply, " We 

Agents credit you £ for Cheques forwarded to 

us for collection in yours of 

Adding in case of non-payment of any such 

Cheques, " having deducted £ for 

Cheque returned to Messrs. at 

and £ returned to Messrs. 

at 



COUNTRY CHEQUE CLEARING 



Time Table 



Inside to be 
entered at the 
Clearing House, 
Castings 



Agreeing 
Charges 



Retaining 
Cheques for 
Inspection of 
Out-Clearer. 
Treatment of 
wrongly 
delivered 
Cheques 



Country Clearing to open at 10.30. Drafts, 
including Returns, to be received not later 
than 12.30, except on Saturdays, when the 
time shall be 10 o'clock for the opening, and 
11.30 for the last delivery, including Returns. 
The door to be closed on the stroke of the 
clock, as in the Town Clearing. 

[It is required that all Banks shall make a 
delivery as near to 10.30 as possible, on 
ordinary days, and 10 o'clock on Saturdays. 
In no case shall the first delivery be later than 
10.45 on ordinary days and 10.30 on Saturdays. 
The remaining deliveries at necessary intervals.) 
All the In-Clearing to be entered at the 
Clearing House. 

Castings of about 50 entries to be given 
with all the early deliveries of the Out- 
Clearing. 

{It is expected that the last castings will be 
given to the In-Clearers not later than five 
minutes after the last delivery of Cheques.) 

All charges to be agreed at the Clearing 
House on the day of the work, and the clerk 
responsible for the Out-side shall make it 
his business to go to the desk of the clerk 
entering his charge on the In-side for this 
purpose. 

It shall be necessary for the In-Clearer to 
retain for the Inspection of the Out-Clearer, 
the Cheques of any casting, or any particular 
Cheque in which a difference occurs. 

All wrongly delivered Cheques discovered 
before the Out- and In-Clearers agreeing 
any charge have left the Clearing House 
shall be adjusted by the Clearers, but any 
discovered after either Clearer has left the 
House shall not be deducted from the already 
agreed amount, but shall be entered on the 
debit side of lists provided for the purpose, 
the Cheque or Cheques to be sent to the 
proper forwarding Agent, who shall also 
enter them on the Credit side of the list 
provided ; these lists to be handed to the 
Clearing House Inspector on the morning 
following, and it shall be his duty to agree 
the same. The total of these lists to 
be brought on to the end of the Balance 
Sheet. 



58 THE bankers' clearing house 

Balance The Balance Sheet, together with the 

Sheets particulars of the Out- and In-sides, shall be 

handed to the Inspector on the morning 
following the day of the work, and it shall 
be his duty to check the Balances, and to 
call attention to any charge that may differ, 
as soon as possible. 



LIST OF BANKS WHOSE CHEQUES ARE CLEARED IN 
THE COUNTRY CHEQUE CLEARING. 

All Country Branches of the following London Clearing 
Bankers — 

Bank of England. 

Bank of Liverpool & Martins, Ltd. 

Barclays Bank, Ltd. 

Lloyds Bank, Ltd. 

London County Westminster & Parr's Bank, Ltd. 

London Joint City & Midland Bank, Ltd. 

National Bank, Ltd. (English and Welsh branches only). 

National Provincial & Union Bank of England, Ltd. 

Williams Deacons Bank, Ltd. 



The following Provincial Banks clear through the various 
Clearing Banks that act as London Agents — 

London Agents. 

Bank of British West Africa, Lloyds Bank, Ltd. 

Manchester and Liverpool. 

Beckett & Co., Leeds (and Glyn, Mills, Currie & Co. 

branches). 

Beckett & Co., York (and Glyn, Mills, Currie & Co. 

branches) . 

Clydesdale Bank, Ltd. London Joint City & Mid- 

(affiliated with London land Bank, Ltd. 

Joint City & Midland 

Bank, Ltd., Carlisle, 

Whitehaven and Working- 
ton Branches). 

Co-operative Wholesale London County Westminster 

Society, Ltd. (1 Balloon & Parr's Bank, Ltd. 

Street, Manchester) . 

Dingley & Co. (Head Office, National Provincial & Union 

Launceston). Bank of England, Ltd. 

Dingley, Pearse & Co., London Joint City & Mid- 

Okehampton. land Bank, Ltd. 



COUNTRY CHEQUE CLEARING 



59 



1)1, 

I 



)x. Fowler & Co. (Head 
Office, Wellington, Somer- 
set), with which is incor- 
porated Gill, Morshead & 
Co., Tavistock, 1889 ; Mar- 
shall & Harding, Barn- 
staple, 1888. 

Appledore 

(sub. to Bideford) 

Banwell 

(sub. to Weston-super- 
Mare) 

Barnstaple 

Bideford 

Bratton Clovelly 

(sub. to Okehampton) 

Bridestowe 

(sub. to Okehampton) 

Braunton 

(sub. to Barnstaple) 

Brushford 

(sub. to South Molton) 

Chulmleigh 

(sub. to South Molton) 

Combmartin 

(sub. to Ilfracombe) 

Crediton 

Culmstock 

(sub. to Tiverton) 

Dulverton 

(sub. to South Molton) 

Eggesford 

(sub, to South Molton) 

Exeter 

Exford 

(sub. to South Molton) 

Halwill 

(sub. to Okehampton) 

Hartland 

(sub. to Bideford) 

Hatherleigh 

(sub. to Okehampton) 

Hemyock 

(sub. to Tiverton) 

Honiton 

Ilfracombe 

Lynton 

Minehead 

Morthoe 

(sub. to Ilfracombe) 



Barclays Bank, Ltd. 



60 



THE BANKERS CLEARING HOUSE 



North Petherton 

(sub. to Bridgwater) 

North Taw ton 

(sub. to Okehampton) 

Okehampton 

Porlock 

(sub. to Minehead) 

South Molton 

South Molton Road 
(sub. to South Molton) 

Spreyton 

(sub. to Okehampton) 

Taunton 

Topsham 

(sub. to Exeter) 

Torrington 

Uffculme 

(sub. to Tiverton) 

Walliscote Road, Weston 
(sub. to Weston-super- 
Mare) 

Watchet 
(sub. to Minehead) 

Wellington, Somerset 

Weston-super-Mare 

Williton 

(sub. to Minehead) 

Winscombe 

(sub. to Weston-super- 
Mare) 

Winsford 

(sub. to South Molton) 

Witheridge 

(sub. to South Molton) 

Woolacombe 

(sub. to Ilfracombe) 

Worle 

(sub. to Weston-super- 
Mare) 

Yatton 

(sub. to Weston-super- 
Mare) 

Bere Alston 

Bude 

(sub. to Holsworthy) 

Calstock 

(sub. to Tavistock) 

Holsworthy 

Horrabridge 

(sub. to Tavistock) 



Barclays Bank, Ltd. 



Lloyds Bank, Ltd. 



tt >i 



t> tt 



COUNTRY CHEQUE CLEARING 



Kilkhampton 

(sub. to Holsworthy) 
Launceston 
Lifton 

(sub. to Launceston) 
Princetown 

(sub. to Tavistock) 
Stratton 

(sub. to Holsworthy) 
Tavistock 
Wainham Corner 

(sub. to Holsworthy) 

Gunner & Co., 
Bishop's Waltham 

Lancashire & Yorkshire 
Bank, Ltd., Head Of&ce, 43 
Spring Gardens, Manches- 
ter, with which is incor- 
porated : Adelphi Bank, 
Ltd., Liverpool, 1889 ; 
Bury Banking Co., Ltd. 
1888 ; London & Lanca- 
shire Bank (amalgamated 
with Mercantile Bank of 
Lancashire, 1894), Manx 
Bank, Ltd. (amalgamated 
with Mercantile Bank of 
Lancashire, 1900) ; Mer- 
cantile Bank of Lancashire, 
Ltd., 1904 ; Preston Union 
Bank, Ltd., 1894 ; Union 
Bank of Preston, Ltd. 
(amalgamated with Preston 
Union Bank, Ltd., 1883) ; 
West Riding Union Banking 
Co., Ltd., 1902. 

Manchester & County 
Bank, Ltd., Head Of&ce, 
55 King Street, Manchester 
with which is incorporated: 
Bank of Bolton, Ltd., 
1897 ; Saddleworth Bank- 
ing Co., 1866. 

Manchester & Liverpool 
District Banking Co., 
Ltd., Head Office, Spring 
Gardens, Manchester, with 



Lloyds Bank, Ltd. 



Barclays Bank, Ltd. 



London County Westminster 
& Parr's Bank, Ltd. 



National Provincial & Union 
Bank of England, Ltd. 



The Bank of England and the 
National Provincial & 
Union Bank of England, 
Ltd., act as London Agents. 



62 



THE BANKERS CLEARING HOUSE 



which is incorporated : 
Alcock, I. O. G., Burslem, 
1865; Bank of White- 
haven, Ltd.. 1916 ; Brockle- 
hurst, William John & 
Thomas & Co., Maccles- 
field, 1891 ; Christy Lloyd 
& Co., Stockport, 1829; 
Lancaster Banking Co., 
1907 ; Loyd, Entwistle, 
Bury & Jervis, King Street, 
Manchester, 1862 ; South- 
port & West Lancashire 
Banking Co., Ltd., 1884 ; 
went into Uquidation ; 
premises acquired by 
Manchester & Liverpool 
District Banking Co., Ltd. 

Union Bank of Manchester, 
Ltd. (af&liated with Bar- 
clays Bank, Ltd., 1919), 
with which is incorporated : 
Blackburn Bank ; Downes 
& Co., Nantwich and Aud- 
lem, 1907; Sewell & 
Nephew, Manchester, 1888 ; 
Yates, Edward W. & Co., 
Liverpool, 1904. 

Yorkshire Penny Bank, 
Head Office, 2 Infirmary 
Street. Leeds. 



Cheques are cleared by 
the National Provincial 
& Union Bank of England, 
Ltd. 



Barclays Bank, Ltd. 



The Bank of England and 
Glyn, Mills, Currie & Co. 
act as London agents. 
Cheques are cleared by 
Glyn, Mills, Currie & Co. 



COUNTRY CHEQUE CLEARING 



63 



[Specimen of Wrongly Delivered Sheet used in Country 
Cheque Clearing and in Metropolitan Clearing.] 



BANK OF ENGLAND. 



Drs. 



Crs. 



Country Cheques Wrongly Delivered and Sent on to 
the Forwarding Agent. 



Date. 



Crossed 
By. 



Sent 
To. 



Crossed 
By. 



Receiv'd 
From, 



CHAPTER V 

METROPOLITAN CLEARING 

It has been shown that both the Town and Country 
Cheque Clearings were the outcome of circumstances 
which demanded a scientific method of collecting 
cheques passing between banker and banker and that 
they were instituted when the time was ripe for their 
adoption. 

In considering the introduction of the most recent 
of the three Clearings, the Metropolitan, it will be seen 
that this, no less than the others, came into existence 
to meet a need. The time was fully ripe for the 
extension of the Clearing system in London to a larger 
area than that covered by the Town Clearing, in order 
that the suburbs might be embraced. 

The increase of banking accommodation afforded by 
the opening of branches by the joint stock banks was 
probably greater in the London suburbs than anywhere 
else. The number of these branches, taken from the 
Bankers' Almanack , was approximately 70 in 1868, 
and had increased to approximately 350 in 1907, 
the date of the establishment of this Clearing. The 
method of collecting from these branches prior to 
1907 was as follows — 

The banks and branches within walking distance 
were included in the walks collection, each bank 
dispatching clerks with the charges, which they 
presented separately, and in return the bank or branch 
would give an order on its head office or on the 
Bank of England or on a clearing banker to pay the 
amount due. These orders were presented for payment 
in the Afternoon Town Clearing. As the banks and 
branches increased their business the charges became 
heavy, and much time was lost because cashiers to 

64 



:tropoliTan clearing 

whom the charges were presented required time to 
examine the cheques before paying. As a means of 
as far as possible minimizing this loss of time, the 
walk clerks would leave the charges and go on to other 
places of call, calling later on their return journey 
for the payment. 

This system involved the employment by each bank 
of a staff of walk clerks, in some cases as many as 
twenty being required, while at the banks and branches 
the counter clerks were being very much pressed at 
certain times of the day, notably between eleven 
o'clock and one o'clock, as several of the walk clerks 
would arrive about that time, each of them more or 
less anxious to receive immediate attention. 

Outside the area covered by the walks collection 
the system was for each bank to make up in separate 
parcels all cheques addressed to the particular banks 
and branches and prepare them as if for dispatch by 
post. A few of the banks with numerous branches 
within an area beyond walking distance, and with 
whom they had daily contact by means of vehicular 
traffic known as a " mail," received these parcels from 
the other banks overnight and delivered them to the 
branches the following morning, returning the payments 
in time for the Afternoon Town Clearing. 

In one instance the bank received all cheques within 
their mail area unsorted, giving in return one payment 
for the total. 

These two systems did not entirely cover the area, 
which was fairly large, and which may be described 
as the area existing between the London Town 
Clearing and the Country Cheque Clearing. 

To the branches not covered by the walk or mail 
collections, parcels had to be sent by post in the 
ordinary way, and payment was made by return of 
post by an order on the head office. 

Confusion at times arose, as banks differed as to 

5— (1776) 



66 THE bankers' clearing house 

where the boundary hnes between London and the 
Country should be drawn ; thus we had branches 
almost next door to each other, certainly within the 
same district — as, for instance, Croydon — ^the one 
paying their cheques through the Country Cheque 
Clearing, the other paying as if within the London 
area through the post. 

It should be here noted that the effect of this was 
that the one, being treated as London area, was 
treated as cash and passed to credit at once ; the 
other, being treated as Country Cheque Clearing, was 
not passed to credit until two or three days after 
being paid in. 

It was by a process of evolution that the Metropolitan 
Clearing came into existence and the process was 
slow in maturing. It was owing largely to the adoption 
of the parcel system for remittances that it became 
possible in the form which was eventually adopted. 

The parcel system, be it noted, makes the number of 
entries on the " Out " side to be approximately the 
same daily, and it becomes easy to gauge the time it 
takes to prepare the " Out " charges. Of course 
reasonable margin must be allowed for accidents, such, 
for instance, as delays in the postal delivery or delays 
in the arrival of staff by reason of fog, etc. 

As far back as 1879, a Mr. Jarvis, of the Union Bank 
of London, put forward a scheme in the following 
terms — 

"1. That the Clearing House be made available for the 
collection of articles payable at the London branches of 
Clearing Banks, and at those non-clearing banks which have 
Clearing Agents. 

"2. That the Clearing be divided into four sections, viz., 
City, Town, Suburban and Country, with a settlement for each 
section. 

"3. That Town Clearing should consist of articles payable 
at Clearing Banks, branches or correspondents within the 
walk boundary. 

* *4 . The suburban clearing should consist of articles payable 



METROPOLITAN CLEARING 

at Clearing Banks' branches or correspondents outside the 
walk boundary, but within the London postal district. 

" 5. That the Town and Suburban Clearings should be 
conducted in No. 2 room, in the following order : (1) Town, 
(2) suburban, (3) settlement of previous day's suburban, 
(4) settlement of current day's town. 

" 6. That while the mode of dealing with the town and 
suburban articles after their removal from the Clearing 
House must necessarily be governed by the requirements 
of each bank, the adjustment between the Clearing Banks 
and their respective branches or correspondents should be 
a matter of account." 

When Mr. Jarvis put forward his scheme, it was 
not considered practicable, as it involved the introduc- 
tion of two extra Clearings, a burden far too great for 
the accommodation available at the Clearing House as 
then constituted ; neither was the time ripe for the 
change. It must certainly be admitted that Mr. 
Jarvis had a keen appreciation of the ultimate 
solution of a growing need for the relief of the walks 
department. 

Subsequent to this period there were many attempts 
to solve the problem, and the officials in the banks 
interested frequently discussed the growing need for 
dealing more scientifically with the Walks Collection. 

The charges at the branches and West End banks 
gradually assumed such dimensions that they became 
unwieldy, the delay at the City offices in making them 
up for presentation and subsequently at the branches 
in examining them and paying, became a serious 
hindrance to the general business of the banks. 

Eventually the need became pressing, and in April, 
1906, a paper on the subject was read at the Institute 
of Bankers and a scheme was propounded ; the scheme 
was not the one finally adopted, but many of the 
essential points were outlined, and, as a result, a 
committee of practical clearers was formed for the 
purpose of drawing up an acceptable solution of the 
problem. 



68 THE bankers' clearing house 

Their efforts were entirely successful, and the 
Metropolitan Clearing was instituted in February, 
1907. 

The Committee decided that its first consideration 
must be to evolve a system whereby it would be possible 
for all cheques drawn on a clearing banker addressed 
to a branch in any district or part of the country to be 
collected through the Clearing House. 

A difficulty here presented itself by reason of the 
outlying branches in the London postal area being too 
far away for it to be possible to send messengers with 
charges and obtain payments in time for the Afternoon 
Town Clearing. 

It was felt that the objection to making two more 
Clearings was as great as in Mr. Jarvis's time. 

This difficulty was overcome by slightly extending 
the area covered by the walk clerks, bringing all 
branches within the extended area into the new 
Clearing and throwing into the Country Cheque 
Clearing all London suburban branches outside that 
area. 

It was thought that exception might be taken to 
a delay in passing to credit as " Cash " cheques drawn 
on these outer London branches ; in practice, however, 
it has been found that very slight inconvenience has 
been caused by the alteration. On the other hand, 
it has proved a great advantage in bringing into line 
fixed areas defining clearly *' Metropolitan " and 
'* Country Cheque " areas ; it has also greatly reduced 
the ** Postal " collection and confined the " Banks 
Mail " collections to a recognized area. The banks 
mails are now used for distributing charges to the 
branches and collecting payment or returned unpaids 
as the case may be. Observe that these mails distribute 
one charge to each branch in place of, as formerly, 
separate charges from each bank. The number of 
banks that presented separate charges was by no 



:TROPOLlTi 

means limited to the clearing banks, as several non- 
clearing banks made their own collections ; these 
now have the full benefit of the Metropolitan Clearing 
by paying into one or other of the clearing banks 
all drafts payable through the Metropolitan Clearing. 

At the outset the Metropolitan Clearing was confined 
to the branches of the clearing banks, and the London 
and Provincial Bank (at that time not a member of 
the Clearing House, Messrs. Glyn & Co. acting as 
their agents). It was, however, foreshadowed that, 
after six months' trial of the working of the system, 
the leading West End bankers would have an oppor- 
tunity of appointing clearing agents to receive for 
them. With one exception, this offer was promptly 
accepted by all those invited to participate, and 
others not quite so prominent have since been admitted. 

It was hoped that His Majesty's Paymaster would 
also come in, but up to the present time all efforts 
in this direction have failed ; later on the advantages 
of the system will doubtless be impressed upon the 
authorities and wiser counsels will prevail. 

One of the most difficult problems that presented 
itself to the committee formed for the purpose of 
instituting the Metropolitan Clearing, was how to 
deal with the work involved, in a manner which would 
give sufficient time for the head offices to dispatch 
to the branches, allow the branches time to examine 
the charges, and for the messengers to return to the 
head offices before four o'clock so as to catch the 
Afternoon Town Clearing. 

It was ultimately agreed that the Clearing House 
should be opened to receive charges at 9 a.m. The 
first delivery would contain drafts received the previous 
day by the head offices ; this early charge to be 
prepared as far as possible by the presenting bank over- 
night, so that there should be no delay in starting 
work immediately the Clearing House opened. 



70 THE BANKERS* CLEARING HOUSE 

Whilst this early charge was in course of entry the 
morning post would be expeditiously dealt with at 
the head offices and a constant fresh supply of charges 
sent to the Clearing House. It was felt that the 
utmost limit that could be allowed for these deliveries 
was 10.30 a.m., and on Saturdays it was reduced to 
9.50 a.m. (the Clearing House on Saturdays opening 
at 8.45 a.m.). This arrangement from its first 
inception worked admirably ; the time so employed 
was found adequate for the purpose and avoided 
interference with the other Clearings. 

On heavy days a slight overlapping with the Town 
Clearing occasionally takes place, but this is met by 
good fellowship and friction is avoided. 

This Clearing, like the *' Town Clearing," receives 
all drafts payable at the banks or branches and is not 
confined to cheques only. The charges are entered 
on the *' Out " side as in the other Clearings. On the 
" In " side after entry the drafts are not retained at 
the Clearing House for agreement but are sent to the 
head offices as quickly as possible, a constant succes- 
sion of runners going to and fro ; this is necessary 
as the head offices have to sort into branches and 
dispatch by *' Mail " without delay. In some cases 
the head offices list the drafts before sending them to 
the branches, in others they forward them unlisted and 
the branches return lists of vouchers paid and unpaid. 

Whichever system is adopted the lists so supplied 
become a check against the Clearing House entries, 
and indicate the source from which credit is obtained 
for the debits made in the Clearing. 

As in the Country Cheque Clearing, totals of paid 
and received to and from the individual banks are 
brought on to the balance sheet. A balance, however, 
is not struck, but the totals of the sides are brought on 
to the Town balance sheet, in order that they may 
be included in the final transfer for the day. 



METROPOLITAN CLEARING 



71 



As originally arranged, the " unpaids " in the 
Metropolitan Clearing were delivered at the Clearing 
House in the Afternoon Town Clearing on the day of 
presentation before the closing time for the last delivery 
of the Town Clearing. These returns were delivered 
in the charges in the same manner as the early 
" unpaids " in the Town Clearing already described, 
namely, they were charged back to the original pre- 
senting bank as if they were drawn upon them, whereas 
they were drawn on the bank or branch that now 
claimed return of the money provisionally paid upon 
— as now appeared — a dishonoured cheque. If 
delivered later than 4 o'clock they were out of order, 
that is, if they were delivered after the closing time for 
delivery for presentation in the Town Clearing they were 
out of order and would only be received under protest 
if delivered as late as the last delivery of " unpaids " 
in the Town Clearing. 

Special arrangements were made for Saturdays, as 
it was recognized that the time allowed for going to 
and from the branches rendered it impossible to 
examine properly the charges and send the ** unpaids " 
back in time to catch the Afternoon Town Clearing, 
which then closed at 1.30 on Saturdays, and there- 
fore it was admissible for the head office to pay 
under protest the branches from which the " Mail " 
had not returned in time to catch the Clearing. 

This protest having been made it became the duty 
of the bank concerned to make an effort to forward 
any " unpaids " received after the time to the head 
office or London agent of the crossing bank during 
business hours ; failing this he would send such returns 
by post the same night to the bank or branch whose 
crossing was upon them, and debit, by a form supplied 
for the purpose, the head office or clearing agent of 
the bank or branch in the following Monday's Clearing. 

Provision was also made for protecting unpaid 



72 THE BANKERS* CLEARING HOUSE 

bills of exchange so delayed. In such cases it became 
the duty of the bank returning them to see that they 
were " Noted " or " Protested " according to necessity. 
Expenses so incurred would, of course, be met by the 
holders of the bills. 

When the war conditions rendered it necessary for 
the London banks to close for business an hour earlier, 
viz., 3 o'clock instead of 4 o'clock, the arrangements for 
dealing with the settlement and return of *' unpaids" 
in the Metropolitan Clearing had to be modified. 

It was agreed that payment should not take place 
until the day following presentation ; it was, however, 
insisted upon that no delay should take place in knowing 
the fate of articles presented through this medium. It 
was therefore decided to adopt the Country Cheque 
Clearing system of dealing with " unpaids," viz., that 
they should be posted on the day of presentation to 
the bank or branch whose crossing was on them and 
debits should be made the following day through the 
Town Clearing in the same manner as was previously 
done on Mondays with the late returns of Saturdays. 

As a result of this arrangement a few, but only a 
very few, did not know the fate of their cheques until 
the following morning instead of overnight. In the 
great majority of cases it made no difference, as they 
would not in any circumstances have received such 
" unpaids " before the following morning's post. 

Wrongly delivered articles in the Clearing are dealt 
with as in the Country Cheque Clearing. 

Another reform of inestimable value was introduced 
by the committee that succeeded in instituting the 
Metropolitan Clearing, viz., the index letters denoting 
the Clearing through which cheques have to pass. Thus 
we have in the left-hand corner of all cheques payable 
through the Clearing House one of the three letters, 
" T," " M," or " C," the first denoting *' Town," the 
second " Metropolitan," and the third " Country." 



METROPOLITAN CLEARING 73 

The effect of this is that the holder of the cheque will 
know exactly the time it will require to collect. The 
greatest value of this reform is perhaps the help it 
affords in the sorting of the remittances by the 
branches. It is no longer necessary to refer to the 
lists to ascertain to which division of the Clearing 
cheques belong, and much time is thereby saved. The 
appreciation of this reform was evidenced by its speedy 
adoption by all banks concerned, including the country 
banks. 

A word may here be said as to the possibilities of 
future development of this — ^the Metropolitan — branch 
of the Clearing. Without indicating any particular 
direction in which its immediate development may be 
looked for, it may safely be said that it is a method 
that should be closely studied and the extension of 
the system should be encouraged by all who are 
interested in a scientific economy of banking collections. 
It is evident to the student that not only in the 
Metropolitan Clearing but in the other Clearings also 
a time will come when it will probably be revealed 
that the present methods are crude, and as in the past, 
so in the future, when banking has further developed 
and the time is ripe for further changes, the Clearing 
system will evolve satisfactory solutions. It need 
not be feared that effort in this direction will be lost, 
and, although, like the boys who met and exchanged 
charges in a back alley in the early days of the Clearing, 
we may not see the full fruit of our work, and our 
ideals may carry us no great distance, it may happen, 
as in their case, that future generations will so improve 
upon our ideas that such institutions as we are not able 
to conceive may arise and prove a lasting memorial. 

That greater use will be made of the Clearing House 
in the near future is a strong conviction of the author. 

For a full list of Banks and branches now included 
in the Metropolitan Clearing see inset. 



74 



THE BANKERS CLEARING HOUSE 



METROPOLITAN CLEARING 

Rules 
Time Table The Metropolitan Clearing to open at 

9 a.m. on ordinary days and at 8.45 a.m. on 
Saturdays. Drafts on the Branches of the 
Clearing Banks and other Banks included in 
the Metropolitan Clearing area to be received 
not later than 10.30 a.m. (Greenwich time) 
on ordinary days and 9.50 a.m. (Greenwich 
time) on Saturdays. 

It is requested that the first delivery 
be made immediately on the opening of 
business, subsequent deliveries at frequent 
intervals, and that every effort be made to 
avoid heavy deliveries at the last moment. 
"In" side to be All the "In " Clearing to be entered at the 

entered at the Clearing House. 
Clearing House 

Agreement of The agreement of charges to take place as 

Charges soon as possible after the " In " side has been 

entered. 
Drafts not to The Drafts are to be sent to the Head 

be delayed at Ofiice when entered and not to be detained at 
the Clearing the Clearing House until the charges are 
House agreed. 

Marked Articles Marked articles and missing cheques are 

and Missing to be looked up on the " Out " side. If a 

Cheques difference is for ;^ 1,000 and upwards the 

particulars, if available, to be given to the 

paying Bank the same day and every effort 

is to be made to settle the difference forthwith. 

If particulars are not available the settling 

of the error may be held over to the following 

day. 

Adjustment of All differences in the Metropolitan Clearing 

Differences to be adjusted as quickly as possible through 

the Town Clearing. 

Sheets for Sheets will be provided for the entering of 

Totals the totals of the " Out " and " In " sides of 

the individual charges and wrongly delivered 

lists. These sheets are to be handed to the 

Inspectors not later than 12.30 o'clock on 

ordinary days and 12 o'clock on Saturdays. 

The final totals to be carried on to the Town 

Clearing Balance Sheet in the place provided 

and agreed with the Inspectors before closing. 

Returns Returns in the Metropolitan Clearing must 

be delivered at the Clearing House through 

the afternoon Town Clearing at the earliest 



METROPOLITAN 



75 



possible moment, but not later than 4.5 p.m. 
on ordinary days and 1.30 p.m. on Saturdays. 
Paying under It will be permissible for a Bank to pay any 

Protest of its Metropolitan Branches under protest 

on Saturdays when necessary. 

Bills, included in remittances to Branches, 
that avail themselves of the protest rule, 
if dishonoured and received too late to return 
to the collecting Banker, must be protected 
by the returning Banker. 

DiGhoiiOured cheques, from a branch paid 

under protest, received by the Head Office or 

Agent too late for delivery at the Clearing 

House or to the Head Office of the presenting 

Bank must be returned by post direct to the 

crossing Bank, or Branch and debited at the 

Clearing House on the next business day by 

slip as used in the Country Cheque Clearing. 

Wrongly Wrongly delivered Drafts are to be adjusted 

delivered as far as possible before agreeing the charges. 

Drafts No alteration is to be made in the total 

after agreement. 

Drafts wrongly delivered in the Metro- 
politan Clearing but payable through the 
Town Clearing at the Bank to which they 
have been presented, if discovered too late 
for adjustment at the Clearing House, may be 
transferred internally without reference to 
the Clearing House. 

Drafts wrongly delivered payable through 
the Metropolitan Clearing and discovered too 
late for adjustment in the Clearing House 
are to be debited on Sheets provided for the 
purpose, the cheques to be placed in envelopes 
addressed to the paying Bank and delivered 
to the Inspectors at the Clearing House as 
quickly as possible, but not later than 
10.45 a.m. (Greenwich time) on ordinary 
days and 10 o'clock (Greenwich time) on 
Saturdays. 

The Inspectors will use all diligence in 
dispatching these envelopes in the hope of 
catching the collecting Messengers before 
they leave the Head Offices. It is not 
intended that these Messengers should be 
delayed on account of this delivery, and 
should they have left the Head Offices with 
the charges the wrongly delivered articles 
shall be returned to the presenting Banker. 



76 



THE BANKERS CLEARING HOUSE 



Drafts wrongly delivered in the Metro- 
politan Clearing payable in the Country 
Cheque Clearing discovered too late for 
adjustment in the Clearing House to be 
debited to the crossing Banker on the sheets 
above referred to. These cheques to be sent 
to the Inspectors of the Clearing House in 
envelopes addressed to the presenting Banker 
not later than 10.45 a.m. on ordinary days and 
10 o'clock on Saturdays. 

All wrongly delivered Drafts received in 
the Clearing House envelopes to be entered by 
the Banks accepting on the Credit side of 
the lists provided. 
Use of Machines will be allotted for use in the 

Machines Metropolitan Clearing under the following 

conditions — 

The " In " Clearing to be entered as quickly 
as possible. 

Agreement of charges is not to be attempted 
at the expense of entering. 

The machines are to be surrendered without 
delay after entering is finished and adjourn- 
ment to the Country Cheque Balance Room or 
Ground Floor for the purpose of agreeing 
is requested. 

Banks wishing to use the Clearing House 
machines for listing to their Branches must 
surrender these machines not later than 
10.45 a.m. on ordinary days and 10 o'clock 
on Saturdays. 
General The General Rules of the Clearing House 

Rules shall be observed in so far as they apply. 



CHAPTER VI 



STATISTICS 

A VERY full and complete table of statistics issued by 
the Clearing House will be found in the Appendix, 
from which it will be seen that wonderful growth has 
taken place since 1868, the first year these figures were 
issued to the public. 

In fifty-two years they have multiplied more than 
eight times, and there is reason to believe that the 
year 1920 will reveal an advance as great as, if not 
greater than, that of any previous year. 

In studying the growth of the Clearing system as 
measured by the amount of the turnover, it must be 
a lasting regret that no official record is available 
previous to the year 1868. 

Doubtless a return was made for the year 1839, 
probably at the request of a Parliamentary Committee, 
as it is contained in the Appendix to Second Report on 
Banks of Issue (1841), Pari. P. No. 320a. 

In 1855 Mr. Charles Babbage, F.R.S., referred to 
this return in a paper read by him at the Statistical 
Society, in which he analyses the Clearing House 
figures in their relation to the amount of exchanges 
as measured by money. In course of this analysis 
he said : " I am not only strongly impressed with the 
importance of collecting and publishing the Clearings 
of former years, if that be possible, but I also believe 
a periodical publication, annually or monthly, would 
be of great advantage." Also as a footnote he adds : 
*' I deeply regret to learn that information which I had 
long doubted is found to be correct, namely, that 
although the daily amount of bank notes used in 
Clearing has been registered, yet the total of the sums 
cleared on each day has not been preserved. It is 

77 



78 THE bankers' clearing house 

at least to be wished that for the future these amounts 
may be recorded and preserved for the use of a time 
when no objection shall exist to their publication." 

It is remarkable that the suggestion so strongly 
urged by Mr. Babbage was not adopted until twelve 
years later, namely, May, 1867. 

There is little doubt that bankers at that time were 
jealous of each other and feared that, if they furnished 
the authorities with the amount of their individual 
turnovers in the Clearings, comparisons would be made 
and their relative position criticised. Hence Mr. 
Babbage's suggestion that the figures might be 
recorded but held back from the public until such time 
as there could be no possible objection. 

The form of publication adopted in 1867 was a 
weekly return of the daily turnover and was sent to 
the Press on Thursday mornings, the same day as the 
Bank of England's weekly statement is made. A 
yearly report was also made in which was given the 
total for the year and the yearly totals for special 
days, namely, the fourths of the month. Consols 
Settling Days, Stock Exchange Settling Days, and 
days next following Stock Exchange Settling Days. 

An examination of the figures 'will show that the 
averages of the above days justified their being 
regarded as special. We will consider them in their 
order — 

The Fourths of the Months. In 1868, when banking 
was restricted and when the first yearly report was 
made, the inland bill was the means generally adopted 
of settling running accounts. A large proportion of 
these bills fell due on the fourth of the month, as they 
were drawn for various monthly periods from the first 
day of the month and the three days' grace made the 
due date the fourth. Taking the drapery trade as an 
example, the custom was for the wholesale house to 
draw on his customer a three or four months' bill 



STATISTICS 

payable in London, dated the first of the month 
following the purchase of the goods. The customer 
would accept the bill and make it payable at the London 
agent of the local bank, or, as often happened, at the 
office of the wholesale house that had drawn the bill. 
If made payable at a bank it would be advised for 
payment by the local bank, provided funds were 
forthcoming to meet it. If, on the other hand, the bill 
was made payable at the wholesale house, it would 
be met, inasmuch as the wholesale house would be 
the drawers of the bill and they would natui-ally pro- 
tect their own instrument. Presumably the acceptor 
had in the meantime provided funds either in part or 
wholly, paying the traveller when called upon, or by 
remitting direct to the wholesale house. 

This system was of service both to the wholesale 
house and to the retailer ; to the wholesaler because 
of his ability to discount the bills, and to the retailer, 
who was not called upon to meet his liability until 
such time as he might reasonably be expected to have 
disposed of his goods. 

Thus it was that the fourths of the months were 
exceptionally heavy days, and extra time was allowed 
at the Clearing House to meet this extra pressure. 
(This extra time has now been abandoned.) 

As banking accommodation has increased, the cheque 
has largely superseded the bill and cash payments are 
more general, frequently to the benefit of the trader. 
The retailer is able to take full advantage of the 
discount allowed for cash and often a loan from the 
banker is a very profitable transaction ; for instance, 
a loan which enables the trader to receive, say, 
2^ per cent, or more off his monthly account by 
borrowing from his banker, say, at 5 per cent, per 
annum may be so considered. 

As these cash payments are not focused into any 
particular day, the fourths of the months can no longer 



80 THE BANKERS* CLEARING HOUSE 

be regarded as of the same importance as in years 
gone by. No doubt at one time they were of value as 
an index to the tendency of business in the country, 
but they can no longer lay claim to any such 
distinction. 

On referring to the table of averages given in the 
Appendix, it will be found that from the year 1868 to 
the year 1881 the fourths of the months were invariably 
higher than the daily average ; then there was a set 
back in 1882, a rise in 1883-4, a considerable set back 
in 1886, a recovery in 1887, and so on with varying 
results, indicating very clearly the time when the bill 
was being displaced by the cheque. 

It will also be noticed on referring to the table 
showing the proportion of the fourths of the months 
to the total turnover for the year that the percentage 
varies very slightly, namely, between 47 per cent, the 
highest and 37 per cent, the lowest. 

The earlier days of the month are generally the 
heaviest at the Clearing House. The settlements of 
running business accounts where advantage is taken 
of the full monthly discount are for the most part 
fixed within the first week, in addition to which 
numerous dividends are always payable, conse- 
quently the fourth is within the radius of a naturally 
heavy time apart from any extra pressure by reason 
of maturing bills. 

Consols Settling Days. This monthly settlement 
of the Stock Exchange in Consols and kindred stocks 
has always meant the transfer of considerable sums of 
money, and from 1868 onwards it has rightly been 
regarded as desirable that a record of the Clearing 
House figures for these days should be separately 
reported. It will be noticed by reference to the table 
of averages that the amounts passing through on these 
days, from 1868 to 1914, were invariably considerably 
larger than the daily average. 



STATISTICS 



81 



At the outbreak of the war with Germany in August, 
1914, the London Stock Exchange was temporarily 
closed and transactions in these and other securities 
were only possible by special arrangement, which 
meant that they could only be dealt in for cash pay- 
ment. Consequently the special days named as 
Consols settling days were only retained for the 
purpose of arranging payment of interest and differ- 
ences in market value accrued from month to month 
on stocks outstanding at the outbreak of war. 

At the time of wxiting the conditions as to cash 
transactions still prevail, and it will be seen that the 
special settling days are no longer reliable as an indica- 
tion of the transactions taking place in these securities. 

The variations in the proportion of Consols settling 
days to the yearly totals are wider than in the case of 
the fourths of the months, namely, 5*8 per cent, 
highest and 3-5 per cent, lowest. 

Stock Exchange Settling Days. The vast 
business of the London Stock Exchange is reflected in 
the figures of the Clearing House on the fortnightly 
settlements. These settlements in normal times repre- 
sented the taking up of stocks or shares or the meeting 
of differences consequent on the variation of prices 
between account and account of stocks and shares 
which were held over at the request of the interested 
parties, and in the event of such securities changing 
hands more than once between settlement and settle- 
ment the differences between the intermediate paities, 
the final holder alone paying the full value of the stock. 

When speculation is rife, the number of these trans- 
actions is very great and the Clearing House is kept 
busy ; special extension of time is allowed, the pressure 
being greatest towards closing time. 

In examining the figures of these days it will be found 
that normally they show an average of about double 
the daily average. This was well maintained until 

•—(1776) 



82 THE BANKERS* CLEARING HOUSE 

the outbreak of war in 1914. Previous to 1914, it would 
have been vain to look for fresh records in the 
daily turnover on any other than a Stock Exchange 
settling day, but recently many fresh records have been 
established, whereas the Stock Exchange settling days 
as now known are quite ordinary. 

It must be remembered that the securities dealt 
with in these settlements embrace a much larger list 
than those included in the Consols settlings. At one 
time it was spoken of as the " Foreign settlement," 
but that term has long since been dropped. It includes 
every class of security dealt with on the Stock Exchange 
excepting only Consols and kindred Government 
issues. 

It is only right to point out here that the purchases 
of stocks and shares which are now constantly taking 
place for cash largely swell the daily totals of the 
Clearing House. 

It has been said that when general business is bad 
the Stock Exchange does well ; whether this be so 
or not the years 1875, 1878 and 1879 are the only 
years that record increases against decreases in the 
grand total, whereas the years 1902, 1903, 1906 and 
1907 record the reverse, and in 1893 and 1900 the 
decreases in the grand totals were fully accounted for 
in the Stock Exchange figures. 

The fluctuations above referred to are perhaps more 
accentuated by reference to the table indicating the 
percentage of Stock Exchange account days to the 
total turnover, where it will be seen that, prior to 1914, 
the highest percentage was 21*7 per cent, in 1881 and 
the lowest 12*6 per cent, in 1913. 

As to days following Stock Exchange settling days, 
it is only necessary to say that they are rendered heavy 
by the overflow of work of the Stock Exchange settling 
days and are influenced by the same causes. Stock- 
brokers often found that it was impossible to deal with 



I 

I 



STATISTICS 83 

the fortnightly accumulation of transactions in one 
day and the second day was invariably affected as a 
consequence. 

From the year 1868, when it was first decided to 
issue a yearly official statement of the transactions 
taking place at the Clearing House, the comparison of 
each year with the year immediately preceding reveals 
in a remarkable manner the rapid growth of the City 
of London as the centre of the financial world. We can 
see by the figures provided in 1839 that considerable 
progress was made in the twenty-nine years between 
then and 1868. Thus we have a total of £954,401,000 
for the former and £3,425,185,000 for the latter— an 
increase of £2,470,784,000 or 258 per cent. 

In a like period onward, viz., from 1868 to 1897, 
we find the total for the latter year £7,491,281,000, an 
increase of £4,066,096,000, or 118 per cent. Thus we 
see a larger increase but not so good a percentage. 

As the time of the inauguration of publishing the 
Clearing House returns coincides with a period when the 
financial world was emerging from a severe crisis 
(the panic of 1866, brought about by the failure of 
Overend and Gurney, large bill brokers, which involved 
several of the London and provincial banks in ruin, 
while others were obliged temporarily to suspend 
payment and by a process of reconstruction were 
enabled to resume business), it may be assumed that 
confidence had not entirely been restored and that the 
ordinary business of the country was not at its best. 

It is interesting to note that the five succeeding 
years showed satisfactory though gradual improvement 
— this in spite of the Franco-Prussian War in 1870-1. 
In 1874 there was a set back which was aggravated 
in 1875-6 by a heavy failure in 1875 of a leading firm 
in the Manchester and India trade. In 1877 a slight 
improvement took place, but was succeeded in 1878-9 
by another set back consequent on the failure of the 



84 THE bankers' clearing house 

City of Glasgow Bank in 1878, and of the West of 
England and South Wales Bank and Willis Percival & 
Company in 1879. In 1880 an improvement took place, 
and in 1881 a new record was established. During 
1882-5 a set back again took place, largely due to 
financial trouble in the United States and political 
trouble in Egypt ; in the period from 1886-90 improve- 
ment took place and fresh records were established 
in 1888-90. 

From the closing months of 1890 to 1894 there was 
considerable depression resulting from the revolution 
in the Argentine Republic, 1890, the failure of the 
Liberator Building Society and affiliated institutions, 
1892, and the failure of several Australian banks, 
1893 ; these events were duly reflected in a drop in 
the Clearing House totals. 

In 1895 an improvement took place, and although 
1898-7 again showed decreases they were comparatively 
small. (It may be here noted that in 1897 Consols 
2|- per cent, touched their highest on record, viz., 113|.) 
1898-9 furnished fresh records ; in 1900 there was a 
slight decline ; from 1901-7 fresh records were annually 
established. A set back occurred in 1908, a fresh 
record was established in 1910, a slight set back in 
1911, new records established in 1912-13, a set back 
in 1914-15, and new records 1916-19. 

The year 1914 opened with every prospect of a new 
record being established, the first seven months from 
January to July giving an increase of £490,932,000 as 
compared with a like period in 1913. On the out- 
break of war in August the position was entirely 
changed ; it was a most fortunate circumstance that 
there was a bank holiday the day that the British 
ultimatum was sent to Germany ; it afforded time for 
financiers to meet and discuss the position ; numerous 
meetings were held, in which the London Clearing 
Bankers' Committee took a leading part. It was 



STATISTICS 

ultimately decided by the Government to grant three 
days extra bank holiday in order to complete arrange- 
ments for a moratorium to be proclaimed and to make 
such other provisions as were necessary to alleviate 
the position. 

There can be no doubt that on the resumption of 
business on the Friday following the banking community 
had the position well in hand and all fear of panic was 
dispelled. It will be a lasting testimony to the forti- 
tude of British financiers that they were thus able to 
deal effectually with problems of so complex a nature 
with promptitude and thoroughness. 

It was no surprise that the figures of the Clearing 
House rapidly decreased, indeed it may be said that the 
wonder was that the reduction was not greater and 
longer sustained ; thus at the end of 1914 the figures 
were only reduced to an amount superior to 1-910 
but not equal to 1912, and in 1915 to one nearly equal 
to 1909, whereas in 1916 they had recovered to some- 
thing between 1911-12. From 1917 onwards the 
amounts have progressed beyond all expectations. 

It has been frequently asked of what value are the 
Clearing House returns as an index to the trade of the 
country. It must be admitted that they are liable to 
be misleading ; there are many influences that cause 
inflation, such, for instance, as the issue of large 
Government and other loans, and the issue of attractive 
commercial companies' shares ; in such cases it often 
happens that applicants fail to receive allotmxcnt and 
their money passes to and fro without result. 

Another influence in the turnover is the huge trans- 
actions which take place in the money market, miore 
particularly in day-to-day loans. It is therefore very 
difficult to determine the proportion of trade trans- 
actions as distinct from finance. It may, however, be 
definitely stated that the figures of the Clearing House, 
taken in conjunction with the Board of Trade returns 



86 THE bankers' clearing house 

in ordinary times, reflect the condition of the trade of 
the country. 

It may be here observed that the Country Cheque 
and Metropohtan Clearings are not so Hable to inflation 
as is the case in the Town Clearing, and consequently 
they may be regarded as a better index of the trend of 
general business. 



CHAPTER VII 



AMALGAMATIONS 

The process of strengthening the position of banks by 
means of amalgamation was resorted to as far back 
as the early days of the goldsmith bankers, though 
not to any great extent. It appears from Mr. Hilton 
Price's book that a frequent process was for a partner 
to leave one firm of goldsmiths and join himself to 
another in the same way of business. It may be 
assumed that this was frequently brought about by 
intermarrying ; a like result frequently occurred at 
a later stage when private banks were established 
throughout England. 

Doubtless the invasion of the joint stock banks 
stimulated the desire to consolidate the resources of 
the London private banks, and, when it became 
evident that the former were well established and that 
the leading joint stock banks in London had gained 
admission to the Clearing House, steps were taken in 
several directions to meet the larger institutions on 
equal terms. 

The first amalgamation of the clearing private 
banks after the admission of the joint stock banks 
into the Clearing took place in 1859, when Fullers & 
Co. joined their business to that of Sapte, Muspratt, 
Banbury & Co., under the title of Fuller, Banbury, 
Nix & Mathieson. In 1860 the two firms of Lubbock, 
Forster and Robarts, Curtis & Co. were united \mder 
the title of Robarts, Lubbock & Co. In 1864 Barnett 
Hoare & Co. amalgamated with Hanbury Lloyds, and 
Glyn Mills & Co. became associated with Currie & 
Co., under the title of Glyn Mills, Currie & Co. The 
same year the London and Westminster Bank acquired 

87 



88 THE bankers' clearing house 

the business of Jones, Loyd & Co. Although this 
acquisition was not quite in the form of an amalga- 
mation it was the first instance of a joint stock bank 
obtaining the business of a leading private clearing 
bank. The absorption by the London and Westminster 
Bank of Young & Son, Southwark, in 1849, was the 
first instance of a London joint stock bank absorbing 
a London private bank ; this, however, was a small 
concern compared with the acquisition of Jones, 
Loyd & Co. In 1865, Barclay, Bevan, Tritton & Co. 
took over the business of Spooner, Attwood & Twells 
under the title of Barclay, Bevan, Tritton, Twells & Co. 

All the above private banks were of old standing and 
could trace their history well back into the seventeenth 
and eighteenth centuries. Indeed the antiquity of all 
the private banks included in the Clearing House 
at that period is remarkable, and it is difficult to state 
with certainty which can claim the earliest foundation. 
Barnetts, Martins, Hankeys and Willis appear to be in 
the forefront for first place and the difference between 
them is not great. 

In 1866 occurred the great panic known as the 
Overend Gumey Panic, and both private banking and 
joint stock banking were put to severe test. Although 
the panic v/as not originated in London, it eventually 
became the storm centre. The suspension of Barned's 
Banking Company, Limited, Liverpool, on 19th 
April, may be said to have been the starting point ; 
much distress was caused and confidence shaken. In 
addition there was great stringency in the money 
market and securities were rapidly depreciating ; 
joint stock bank shares were falling and speculation 
was rife. Then the crisis came with the stoppage of 
Overend, Gumey & Co., Ltd., on 10th May. Wild 
scenes took place in Lombard Street and there was 
a run on all the banks. To meet the difficulty the 
3ank Act of 1844 was suspended and the Bank of 



AMALGAMATIONS 

England afforded assistance by advancing upon security 
of Government stock and bills of exchange at a 10 per 
cent. rate. Several banks and many commercial 
houses went into liquidation. The lack of confidence 
lasted for some months, but confidence was eventually 
restored ; the after effects, however, were felt for some 
years. 

As a result the need for strengthening the position 
of the banks became evident and very gradually the 
process of amalgamation and absorption was adopted. 
At first the process applied to the smaller provincial 
private banks and usually the amalgamations or 
absorptions were arranged locally. In course of time 
it spread in a remarkable degree to the joint stock 
banks, who rapidly secured the private banks. The 
great absorption of the private banks, however, did 
not develop imtil after the failure of the City of Glasgow 
and the West of England and South Wales banks in 
1878-9. 

Another potent factor in this connection was that | 
in 1880 most of the joint stock banks registered as ? 
limited liability companies, thus relieving their ^ 
shareholders of unlimited liability. Probably this l 
limiting of liability paved the way for the eventual 
development of the great banks to a larger degree 
than anything else. At any rate, from that time 
forward amalgamations and absorptions have taken 
place in increasing importance and to an extent 
never before anticipated. 

While those amalgamations and absorptions which 
took place in 1891 and 1896 included a greater number 
of banks, the years 1917, 1918 and 1919 must claim 
precedence for importance; the institutions amalga- 
mating in the last named years were for the most part 
banks of such individual size and importance as had 
previously been regarded as beyond the temptation of 
amalgamation, 



90 THE bankers' clearing house 

The year 1884 was remarkable in its amalgamations. 
A new feature was introduced in London banking by 
Lloyds Bank, Birmingham, amalgamating with two 
of the London clearing banks, viz., Barnetts, Hoares, 
Hanbury & Lloyd, and Bosanquet, Salt & Company. 
This was the first instance of a leading provincial 
bank amalgamating with London clearing banks. It 
is true that the Consolidated Bank, with offices in Man- 
chester and London, and the National Bank, with a 
large Irish business, had seats in the Clearing House. 
These may have been regarded as being more or less 
representative of provincial rather than London banks, 
but nevertheless it was a new departure for a bank 
so completely provincial to take the command of two 
essentially London banks. In the years following, 
Lloyds Bank, Limited (the title by which it was 
ultimately known) absorbed several provincial and 
West End banks ; and subsequently other clearing 
banks were absorbed, e.g., Brown, Janson & Co., 
in 1900, and the Capital and Counties Bank, Ltd., in 
1918. 

In 1891 the Birmingham and Midland Bank purchased 
the business of the Central Bank of London, Limited, 
and secured a seat in the Clearing House ; this was the 
advent of what is now the London Joint City and 
Midland Bank, the bank that holds the greatest 
amount of customers' deposits. 

It was not until 1898, when the London and Midland 
Bank (the title assumed in 1891) amalgamated with 
the City Bank, Limited, that progress in London was 
made by this bank, although in the meantime several 
important provincial banks had been acquired. In 
1914 the Metropolitan Bank of England and Wales, 
Limited, was absorbed by the London City and Mid- 
land Bank, Limited (title taken in 1898), and in 1918 
the London Joint Stock Bank, Ltd., was acquired. 
These two last named acquisitions embraced three of 



AMALGAMATIONS 

the old clearing banks, as the Imperial Bank, Ltd., was 
taken over by the London Joint Stock Bank in 1893. 

In 1890 another instance of a provincial bank 
combining with a London clearing bank occurred ; 
the Manchester and Salford Bank, Ltd., amalgamated 
with Williams, Deacon, Thornton & Company. 

In 1892 yet another instance of a provincial bank 
taking over a London clearing bank is recorded, when 
Parr's Bank, whose head office was at Warrington, 
took over the business of the Alliance Bank, Ltd. 
This was followed in 1896 by the absorption of the 
Consolidated Bank, Ltd. Many important provincial 
banks were acquired by Parr's Bank, Ltd., including 
Stuckey's Banking Company, Ltd., 1909, and 
Crompton and Evans Union Bank, Ltd., 1914, before 
it was eventually amalgamated with the London 
County and Westminster Bank, Ltd. 

In 1896, a new joint stock bank was formed under 
the name of Barclay & Company, Limited. The 
formation of this new bank is probably the most 
remarkable instance of concentration of family 
interests that we have. The firm of Barclay, Bevan, 
Tritton & Co. had long acted as London agents for 
several country banks, with which they were bound by 
family ties as well as close business connections. It 
was a happy inspiration that conceived the idea of 
bringing these ties into closer relationship by amalga- 
mating their forces into one large bank. There is no 
doubt this was stimulated by observing the signs of the 
times ; amalgamations and absorptions were going on 
all round ; large banks were spreading their influence 
and this competition could only be met by combined 
action; hence the calling together of the country banks 
for whom the old firm acted as agents and the forma- 
tion of the new bank, which embraced most of the banks 
formerly comprising their clientele and a few outside 
that range. It was this combination that marked the 



92 THE BANKERS* CLEARING HOUSE 

year 1896 as one of the most important in amalgama- 
tions. The new bank has continued to make progress 
and several important provincial banks have been 
absorbed since its formation. In 1918 the London 
Provincial and South Western Bank, Limited, was 
taken over ; thus two clearing banks were absorbed, 
as the London and Provincial Bank, Limited, and the 
London and South Western Bank, Limited, had 
joined forces in 1917. 

In 1902 the Union Bank of London acquired the 
business of Smith Payne and Smiths and the provincial 
banks connected by family ties with this old 
Lombard Street firm, viz., Samuel Smith & Company, 
Derby, Newark and Nottingham ; Smith Ellison and 
Company, Lincoln ; and Sam-uel Smith, Brothers and 
Company, Hull. A further important absorption 
took place in 1903, v/hen the Union of London and 
Smiths Bank, Limited (the new title of the bank), 
purchased Prescott's Bank, Limited ; this last named 
bank was formed in 1891 when Prescott, Cave, Buxton, 
Loder and Company joined forces with Dimsdale, 
Fowler, Barnard and Dimsdale's, and Miles, Cave, 
Baillie & Company, Bristol, and Moger & Son, Bath. 
Several provincial banks were taken over by the 
Union of London and Smiths Bank, Limited, before the 
final amalgamation with the National Provincial 
Bank of England in 1917. 

In 1909 a dramatic announcement was made that 
the London and County Bank, Limited, and the 
London and Westminster Bank, Limited, had joined 
forces, thus ending a friendly rivalry, as although the 
last named bank had no country branches, the branches 
of both banks were much in evidence within the 
London area. It will be remembered that both these 
banks entered the Clearing House in 1854 — the London 
and Westminster Bank was established about three 
years before the London and County Bank — ^both of 



I 

I 



AMALGAMATIONS 

them attained leading positions in the City of London 
and its suburbs ; the London and County Bank had 
also well established itself in the Home Counties. A 
further development of this newly constructed bank 
(the London County and Westminster Bank, Limited) 
took place in 1918, when an amalgamation with Parr's 
Bank, Limited, took place — ^this combined with pre- 
vious amalgamations represents six original clearing 
banks, viz., London and Westminster Bank ; Jones 
Loyd & Company ; London & County Bank ; Alliance 
Bank (afterwards Parr's Bank) ; Fuller, Banbury & 
Company ; and the Consolidated Bank. 

In 1917 the National Provincial Bank of England, a 
bank that had hitherto been seemingly indifferent to 
these changes, announced the amalgamation with 
the Union of London and Smiths Bank, Limited, 
under the new title of National Provincial and Union 
Bank of England, Limited. They further announced 
in 1918 the taking over of the Bradford District Bank, 
Limited, and in 1919 a like announcement appeared 
with regard to the Sheffield Banking Company, Limited. 
In 1920 the affiliation of Coutts and Company was also 
announced. Thus the National Provincial and Union 
Bank of England, Limited, have nov/ incorporated 
the six following clearing banks : National Provincial 
Bank of England, Limited ; Union Bank of London, 
Limited ; Smith Payne and Smiths Bank ; Prescott, 
Cave, Buxton, Loder and Company ; Dimsdale, Fowler, 
Barnard and Dimsdale; and Robarts, Lubbock and Co. 

The most interesting amalgamation of 1918 was that 
of the Bank of Liverpool and Martin's Bank, Limited. 
The old London firm, probably the oldest private 
bank, had registered as a private joint stock company 
in 1891, and continued to conduct their business 
as a private bank until this amalgamation took place. 
This is yet another instance of a strong provincial 
bank seeking an outlet for its resources in the London 



94 THE bankers' clearing house 

market and must be regarded as likely to prove 
beneficial to both institutions concerned. The title 
of the bank retains the old name of Martin, and it 
is known as Bank of Liverpool and Martin's, Limited. 
The Bank of Liverpool acquired several well-known 
provincial banks before their advent to London, and 
others have since been added, including Cocks, Biddulph 
& Co., of Charing Cross. 

The following lists of Banks incorporated with the 
existing members of the Clearing House will indicate 
the magnitude of the absorptions that have taken 
place — 

THE BANK OF LIVERPOOL & MARTINS, LTD. 

Head Office : 68 Lombard Street, London, E:C. 
(Incorporated) 

Alnwick & County Bank, Alnwick, etc. Amalgamated in 
1875 with North Eastern Banking Co., Ltd., which amalgamated 
in 1914 with the Bank of Liverpool, Ltd. 

Bank of Liverpool, Ltd. Amalgamated with Martin's 
Bank, Ltd., in 1918. Title changed to Bank of Liverpool 
& Martins, Ltd. 

BiRKBECK, Robinson & Co., Settle, etc. Converted in 
1880 into Craven Bank, Ltd., which amalgamated in 1906 
with Bank of Liverpool, Ltd. 

Carlisle & Cumberland District Banking Co., Ltd. 
Amalgamated with Bank of Liverpool in 1911. 

Cocks, Biddulph & Co., Charing Cross, S.W. Amalgamated 
with Bank of Liverpool & Martins, Ltd., in 1919. 

Craven Bank, Ltd., Skip ton, etc. Amalgamated with 
Bank of Liverpool, Ltd., 1906. 

Dale, Young & Co., Newcastle-upon-Tyne. Amalgamated 
in 1892 with North Eastern Banking Co., Ltd., which 
amalgamated in 1914 with Bank of Liverpool, Ltd. 

Grice & Co., Bootle, Cumberland. Taken over about 1884 
by Messrs. Wakefield, Crewdson & Co., who amalgamated in 
1893 with Bank of Liverpool, Ltd. 

Halifax Commercial Banking Co., Ltd. Amalgamated 
with Bank of Liverpool & Martins, Ltd., in 1920. 

Heywood, Sons & Co., Arthur, Liverpool. Amalgamated 
with Bank of Liverpool, Ltd., in 1883. 

Liverpool Commercial Banking Co., Ltd. Amalgamated 
with Bank of Liverpool in 1889. 

Mackie, Davidson & Gladstone, Carlisle. Amalgamated 



AMALGAMATIONS 

in 1882 with Carlisle & Cumberland Banking Co., Ltd., which 
amalgamated in 1911 with Bank of Liverpool, Ltd. 

Martin's Bank, Ltd., formerly Martin & Co. till 1891. 
Amalgamated with Bank of Liverpool, Ltd., in 1918, title 
changed to Bank of Liverpool & Martins, Ltd. 

North Eastern Banking Co., Ltd. Amalgamated with 
Bank of Liverpool, Ltd., in 1914. 

Palatine Bank, Ltd., Manchester. Amalgamated with 
Bank of Liverpool & Martins, Ltd., in 1919. 

Vallance & Payne, Sittingbourne. Amalgamated in 
1888 with Martin & Co. (afterwards Martin's Bank, Ltd.). 

Wakefield, Crewdson & Co., Kendal, etc. Amalgamated 
with Bank of Liverpool, Ltd., in 1893. 

BARCLAYS BANK, LTD. 

Head Office : 54 Lombard Street, London, E.C. 
(Incorporated) 

Alexanders, Birkbeck, Barclay & Buxton, Ipswich, 
etc. Taken over in 1882 by Gurneys & Co., as Gurneys, 
Alexanders, Birkbeck, Barclay & Buxton. 

AsHBY, Thos. & Co., Staines, etc. 1904. 

Backhouse, Jonathan & Co., Darlington, etc., 1896. 

Bain, Field, Hitchins & Co., Redruth and Helston. 
Amalgamated with Bolitho, Williams, Foster, Coode, Grylls & 
Co., 1891. 

Bank of Wales. EstabUshed 1863. Absorbed by 
Provincial Banking Corporation, 1865. 

Barclay, Bevan, Tritton & Co., Lombard Street, E.C. 
Title altered to Barclay, Bevan, Tritton, Ransom, Bouverie 
& Co., 1888. 

Barclay, Bevan, Tritton, Ransom, Bouverie & Co., 
Lombard Street, 1896. 

Barclay, Bevan, Tritton, Twells & Co. (The firm was 
known under this title from 1866 to 1880). Title altered again 
to Barclay, Bevan, Tritton & Co., 1880. 

Bassett, Son & Harris, Leighton Buzzard, etc., 1896. 

Batten, Carne & Carne's Banking Co., Ltd., Penzance, 
etc. Acquired by Bohtho, Williams, Foster, Coode, Grylls & 
Co., Ltd., 1896. 

Birmingham District & Counties Banking Co., Ltd. 
Title changed to United Counties Bank, Ltd., February, 1907. 

Birmingham, Dudley & District Banking Co., Ltd., 
formerly Birmingham Town & District Banking Co. Title 
changed to Birmingliam District & Counties Banking Co., 
Ltd., 1889. 

Bolitho, Sons & Co., Penzance, etc. Amalgamated with 
Robins, Foster & Co., under title of Bolitho, Foster, Coode 
& Co., 1889. 



96 THE bankers' clearing house 

BoLiTHO, Williams, Foster, Coode, Grylls & Co., Ltd., 
Penzance, etc., 1905. 

Bradford Old Bank, Ltd. (originally established as 
Peckover, Harris & Co., 1803). Amalgamated with United 
Counties Bank, Ltd., 1907. 

Call, Marten & Co., St. Albans. Became Smith, Marten & 
Co., 1865. 

Day, Nicholson & Stone, Rochester and Chatham. 
Purchased by Provincial Banking Corporation, 1864. 

Dendy & Co., Chichester. Title altered to Halsted, 
Woodbridge & Co., 1886. 

East of England Bank. Purchased by the Provincial 
Banking Corporation, 1864. 

Eaton, Caley & Co., Stamford. Amalgamated with 
Stamford, Spalding & Boston Banking Co., Ltd., 1891. 

Eland & Eland, Thrapston. Amalgamated with 
Stamford, Spalding & Boston Banking Co., Ltd., 1888. 

FiNCHAM & Simpson, Diss and Eye. Purchased by the 
London & Provincial Bank, Ltd., 1871. 

Fisher, Johnson & Hailstone, Cambridge. Transferred 
to Mortlock & Co., 1868. 

Fordham, Gibson & Co., Royston, 1896. 
Gibson, Tuke & Gibson, Saffron Walden, 1896. 
GiLLETT & Co., Banbury, 1919. 
Gillett & Co., Oxford, 1919. 

GiLLETTS & Clinch, Witney. Amalgamated with Gillett 
& Co., Oxford, 1891. 

Goodricke & HoLYOAKE, Wol vcrhamptou . Incorporated 
with Midland Banking Co., Ltd., 1863. 

Goslings & Sharpe, Fleet Street, E.C., 1896. 
Gurney, Birkbeck, Barclay & Buxton, Wisbech, etc., 
1896. 
Gurney, Round, Green & Co., Colchester. 1896. 
GuRNEYS, Alexanders, Birkbeck, Barclay, Buxton 
& Kerrison, Ipswich, etc., 1896. 

Gurneys, Birkbeck, Barclay & Buxton, Fakenham, 
etc., 1896. 

Gurneys, Birkbeck, Barclay & Buxton, Norwich, etc., 
1896. 

Gurneys, Birkbeck, Barclay, Buxton & Cresswell, 
King's Lynn, etc., 1896. 

Gurneys, Birkbeck, Barclay, Buxtons & Orde, Great 
Yarmouth, etc., 1896. 

Gurneys, Birkbeck, Barclay, Buxtons & Orde, 
Halesworth, etc., 1896. 

Hall, Bevan, West & Bevans, Brighton. Amalgamated 
with Barclay, Bevan, Tritton, Ransom, Bouverie & Co., 1894. 
Halsted, Woodbridge & Co., Chichester. Later known 
as Milbanke, Woodbridge & Co. 

Hammond «& Co., Newmarket, 1905. 



AMALGAMATIONS 97 

[arrison & Co., Knaresborough. Amalgamated with 
Bradford Old Bank, Ltd., 1875. 

Herefordshire Banking Co. Incorporated with Mid- 
land Banking Co., 1863. 

Hodge & Co., Devonport. Amalgamated with Bolitho, 
Williams, Foster, Coode, Grylls & Co., Ltd., 1889. 

Huddleston & Co., Bury St. Edmunds. Business taken 
over by Gurney & Co., Norwich, 1880. 

Hughes & Morgan, Brecon. Taken over by Birmingham 
District & Counties Banking Co., Ltd., 1890. 

Hull, Sm;th & Co., Uxbridge. Title altered to Wood- 
bridge, Lacy, Hartland, Hibbert & Co., 1887. 

Ingram, Kennet & Ingram. Business purchased by 
Leatham, Tew & Co., Wakefield, 1809. 

Jarvis & Jarvis, King's Lynn. Acquired by Gurney & 
iCo., 1888. 

La Coste & Co., Chertsey. Acquired by Thos. Ashby & 
Co., 1876. 

Leatham, Tew & Co., Wakefield and Pontefract, 1906. 

Lock, Hulme & Co., Pembroke. Absorbed by Bank of 
Wales, 1864. 

London & Provincial Bank, Ltd. Amalgamated with 
the London & South Western Bank, Ltd, (as from 31st 
December, 1917) under the title of London Provincial & South 
Western Bank, Ltd. 

London & South Western Bank, Ltd. Amalgamated 
with the London & Provincial Bank, Ltd. (as from 31st 
December, 1917), under the title of London Provincial & South 
Western Bank, Ltd. 

London Provincial & South Western Bank, Ltd., 
1918. 

Machell, Peases & Hoare, Beverley. Later known as 
Pease's Bank. 

McLean & Co., James, Pembroke Dock. Acquired by 
Bank of Wales, 1864. 

Marten, Part & Co., St. Albans, 1902. 

Midland Banking Co., Ltd. Amalgamated with 
Birmingham, Dudley & District Banking Co., Ltd., 1881. 

Midland Counties District Bank, Ltd. Amalgamated 
with Birmingham District & Counties Banking Co., Ltd., 
1904. 

Milbanke, Woodbridge & Co., Chichester, 1900. 

MoLiNEUX, Whitfeld & Co., Lewes, etc., 1896. 

Mortlock & Co., Ltd., Cambridge, 1896. 

North Kent Bank, Blackheath. Purchased by the London 
and Provincial Bank, Ltd., 1878. 

Nottingham & District Bank, Ltd. Title changed to 
Midland Counties District Bank, Ltd., 1899. 

Parsons, Thompson & Co., Oxford, 1900. 

Pease, J. and J. W., Darlington, 1902. 

7— (1776) 



98 THE bankers' clearing house 

« 

Pease & Sons, Beverley and Hull, f Amalgamated with 

PHASE'S 0.0 BANK. Hu^l. j ^"^'^^iJ.-^Sst""'"' 

Peckover, Harris & Co. Registered in 1864 as Bradford 
Old Bank, Ltd. 

Provincial Banking Corporation. Reconstructed under 
the title of London & Provincial Bank, Ltd., 1870 (Dec). 

Ransom, Bouverie & Co., Pall Mall, S.W. Amalgamated 
with Barclay, Bevan, Tritton & Co., 1888, under the title of 
Barclay, Bevan, Tritton, Ransom, Bouverie & Co. 

Reid & Co., Nevile, Windsor, 1914. 

Robins, Foster & Co., Liskeard. Amalgamated with 
Bolitho, Sons & Co., 1889. 

Roper & Priestman, Richmond, Yorks, 1902. 

Round, Green & Co., Colchester. Business taken over by 
Gurney & Co., Norwich, 1891. 

Sharples, Tuke, Lucas & Seebohm, Hitchin, etc, 1896. 

SiMONDS, J. & C. & Co., Reading, 1913. 

Simpson & Co., Peterboro' Bank. Joined Stamford, Spald- 
ing & Boston Banking Co., 1849. 

Simpson, Chapman & Co., Whitby. Acquired by York 
Union Banking Co., Ltd., 1892. 

Smith, Marten & Co., St. Albans. Title altered to 
Marten, Part & Co., 1898. 

Sparrow, Tufnell & Co., Chelmsford, etc., 1896. 

Spooner, Attwood & Co., Gracechurch Street. Acquired 
by Barclay, Bevan, Tritton & Co., 1886. Title altered to 
Barclay, Bevan, Tritton, Twells & Co. 

Stamford, Spalding & Boston Banking Co., Ltd., 
Stamford, etc., 1911. 

SWALEDALE & WeNSLEYDALE BANKING Co., LtD., 1899. 

TuBB & Co., Bicester, 1920. 

United Counties Bank, Ltd., 1916. 

Veasey, Desborough & Co., Huntingdon, etc., 1896. 

Wakefield & Barnsley Union Bank, Ltd. Amalgamated 
with Birmingham District & Counties Banking Co., Ltd., 
1906. 

Walters, J. & W., Haverfordwest, Pembroke, Pembroke 
Dock & Nar berth. Purchased by the London & Provincial 
Bank, Ltd., 1873. 

Williams, Williams & Grylls, Falmouth. Amalgamated 
with Bolitho, Williams, Foster, Coode, Grylls & Co., Ltd., 
1890. 

WiLLYAMS, Treffry & Co., St. Austcll. Amalgamated 
with Bolitho, Williams, Foster, Coode, Grylls & Co., Ltd,. 1890. 

WiLLYAMS, WiLLYAMS & Co., Truro. Amalgamated with 
Bolitho, Williams, Foster, Coode, Grylls & Co., Ltd., 1890. 

Wolverhampton & Staffordshire Banking Co., Ltd. 
Amalgamated with Birmingham, Dudley & District Banking 
Co., Ltd., 1889. 



WooDALL, Hebden & Co., Scarborough, 1896. 
WooDBRiDGE, Lacy, Hartland, Hibbert & Co., Uxbridge, 
etc., 1900. 

Woods & Co., Newcastle, etc., 1897. 

WooTTEN & Co., Oxford, 1909. 

York Union Banking Co., Ltd., 1902. 

AFFILIATED BANKS 

The British Linen Bank. Head Office : Edinburgh. 
The Union Bank of Manchester. Ltd. Head Office : 
Manchester. 

COUTTS & CO. 

City Office : 15 Lombard Street, London, E.C., 
Now affiliated with the National Provincial & Union 
Bank of England, Ltd., amalgamated with Robarts, Lubbock 
& Co., 1914. 



GLYN, MILLS, CURRIE & CO. 
67 Lombard Street, London, E.C. 

LLOYDS BANK, LTD. 

Head London Office : 71 Lombard Street, London, E.C. 

(Incorporated) 

Arkwright & Co., Wirksworth Bank. Taken over by 
Moore & Robinson's Nottinghamshire Banking Co., Ltd., 
1875. 

Atkins & Sons, Portsmouth. Business acquired by the 
Hampshire Banking Co., 1834. 

Bacon, Cobbold, Tollemache & Co., Ipswich, etc. 
Amalgamated with Capital & Counties Bank, Ltd., 1905. 

Barnetts, Hoares, Hanbury & Lloyd, Lombard Street, 
E.C. Amalgamated with Lloyds Banking Co., Ltd., 1884. 
Title changed to Lloyds, Barnetts & Bosanquets Bank, Ltd. 

Bartlett & Co., Buckinghamshire. Taken over by the 
Bucks & Oxon Union Bank, Ltd. 

Beck & Co., Shrewsbury and Welshpool, 1880. 

Beechings & Co., Tunbridge Wells, etc., 1890. 

Berwick, Lechmere & Co., Worcester, etc. Amalgamated 
with Capital & Counties Bank, Ltd., 1906. 

Birmingham Joint Stock Bank, Ltd., 1889. 

BosANQUET, Salt & Co., Lombard Street, E.C. Amalga- 
mated with Lloyds Banking Co., Ltd., 1884. Title changed to 
Lloyds, Barnetts & Bosanquets Bank, Ltd. 

Bristol & West of England Bank, Ltd., 1892. 

Bromage & Co., Monmouth, 1894. 

Brooks & Co., Lombard Street, E.C, 1900. 

Brown Janson & Co., Abchurch Lane, E.C, 1900. 



100 THE BANKERS* CLEARING HOUSE 

Brown, William Williams & Co., Leeds, 1900. 

Bucks & Oxon Union Bank, Ltd., 1902. 

Burton Lloyd & Co., Shrewsbury. Amalgamated with 
Rocke, Eyton & Co., under the title of Eyton, Burton & Co., 
1884. 

Burton Union Bank, Ltd., 1899. 

BuTTLiN, A. & Son, Rugby, 1838. 

Capital & Counties Bank, Ltd., 1918. 

Cheltenham & Gloucestershire Banking Co. Trans- 
ferred to County of Gloucestershire Banking Co., 1856. 

Clymo, Treffry, Hawke, West & Co., Liskeard. Formed 
into joint stock company, under title of Western Counties Bank, 
Ltd., 1885. 

Cobb & Co., Margate, etc., 1891. 

^ -r, o /- A 1 u ( Converted into Bucks 

Cobb, Bartlett & Co., Aylesbury. \ n ^ tt • -o i 
/- -rooc T3U -^icfe Oxon Union Bank, 

Cobb, T. R. & Son, Banbury. / j , , ,^^2 

Commercial Bank of Cornwall, Ltd. Amalgamated 
with Cornish Bank, Ltd., 1891. 

Cornish Bank, Ltd. Amalgamated with Capital & 
Counties Bank, Ltd., 1902. 

County of Gloucester Bank, Ltd., 1897. 

Coventry & Warwickshire Banking Co., 1879. 

Cox, Cobbold & Co., Harwich. Acquired by Bacon, 
Cobbold, Tollemache & Co., 1893. 

Cunliffes, Brooks & Co., Manchester, etc., 1900. 

CuRTEis Pomfret & Co., Rye, 1893. 

Devon & Cornwall Banking Co., Ltd., 1906. 

English & Jersey Union Bank. Business acquired by the 
Hampshire Banking Co., 1834. 

Everett, Ravenhill & Co., Warminster. Business 
acquired by the North Wilts Banking Co., 1860. 

Eyton, Burton & Co., Shrewsbury, etc. Amalgamated 
with Capital & Counties Bank, Ltd., 1907. 

FooTNER, Wm. & Sons, Romsey & Hampshire Bank. 
Amalgamated with Wilts & Dorset Bank, 1873. 

Fosters, Cambridge, etc. Amalgamated with Capital & 
Counties Bank, Ltd., 1904. 

Fryer, R. & W. F., Wolverhampton, 1872. 

Garfit Claypon & Co., Boston. Amalgamated with 
Capital & Counties Bank, Ltd., 1891. 

Glamorganshire Banking Co., Ltd. Amalgamated with 
Capital & Counties Bank, Ltd., 1898. 

Gloucestershire Banking Co., Ltd. Amalgamated with 
Capital & Counties Bank, Ltd., 1886. 

Grant & Maddison's Union Banking Co., Ltd., South- 
ampton and Portsmouth, 1903. 

Grant, Gilman & Long, Portsmouth. Amalgamated with 
Maddison, Hankinson, Darwin & Hankinson, 1888, to form 
Grant & Maddison's Union Banking Co., Ltd. 



AMALGAMATIONS 101 

HALIFAX & HUDDERSFIELD UnION ^ 3^^^^^ ^^^^ 

Banfcing Co., Ltd. Uv.ii-o -Ror^i^ t +^ 

Halifax Joint Stock Banking [^^^^[^ ^^^^' ■^^'^•• 
Co., Ltd. J 

Hammond, Plumptre, Hilton, Mcmaster & Furley, 
Canterbury, etc. Amalgamated with Capital & Counties 
Bank. Ltd., 1903. 

Hampshire & North Wilts Banking Co. Title changed 
to Capital & Counties Bank, Ltd., 1878. 

f Hampshire Banking Co. Amalgamated with North Wilts 
Banking Co., under the title of Hampshire & North Wilts 
Banking Co., 1877. 

Hanbury, Lloyds & Co. Amalgamated with Barnetts, 
Hoares & Co., 1864. 

Hancock, W. Wiveliscombe. Amalgamated with Wilts 
& Dorset Banking Co., Ltd., 1890. 

Hart, Fellows & Co., Nottingham, 1891. 

Haydon & Smalpiece, Guildford. Amalgamated with 
Capital & Counties Bank. Ltd., 1883. 

Heath & Co., Andover. Business acquired by the 
Hampshire Banking Co., 1861. 

Hedges, Wells & Co., Wallingford, 1905. 

Henty & Co., Worthing. Amalgamated with Capital 
& Counties Bank, Ltd.. 1896. 

Herries. Farquhar & Co.. St. James's Street, S.W., 1893. 

Hill & Sons, West Smithfield, E.C., 1911. 

Hodgkin, Barnett, Pease, Spence & Co., Newcastle-on- 
Tyne, etc., 1903. 

Jenner & Co., Sandgate, 1898. 

Jones, David & Co.. Llandovery, etc.. 1909. 

Knight, Jenner & Sons, Farnham. Amalgamated with 
Capital & Counties Bank, Ltd., 1886. 

Lacons, Youell & Kemp, Yarmouth, etc. Amalgamated 
with Capital & Counties Bank. Ltd., 1901. 

Lambton & Co., Newcastle on-Tyne. etc., 1908. 

Lechmere, Isaac, Martin & Co., Tewkesbury. Amalga- 
mated with Capital & Counties Bank, Ltd., 1906. 

Liverpool Union Bani:, Ltd., 1900. 

Lloyds & Co.. Birmingham Old Bank, 1865. 

Lloyds Banking Co., Ltd., Title altered to Llo5^ds, 
Barnett 's & Bosanquet's Bank. 1884. 

Lloyds. Barnetts & Bosanquets Bank, Ltd. Title 
altered to Lloyds Bank. Ltd. 1889. 

Locke, Tugwell & Meek. Devizes. Amalgamated with 
Capital & Counties Bank, Ltd., 1883. 

Ludlow & Tenbury Bank. Amalgamated with Worcester 
City & County Banking Co., Ltd.. 1884. 

Maddison, Atherley. Hankinson & Darwin. South- 
ampton, Amalgamated with Grant. Gilman & Long, 
Portsmouth, which firm afterwards amalgamated with 



102 THE bankers' clearing house 

Maddison, Hankinson, Darwin & Hankinson to form a joint 
stock company, under title of Grant & Maddison's Union 
Banking Co., 1888. 

Mellersh & Co., Godalming. Amalgamated with Capital 
& Counties Bank, Ltd., 1893. 

MoiLLiET & Sons, Birmingham, 1865. 

Moore & Robinsons Nottinghamshire Banking Co., Ltd. 
Amalgamated with Capital & Counties Bank, Ltd., 1901. 

Northamptonshire Banking Co., Ltd. Amalgamated 
with Capital & Counties Bank, Ltd.. 1890. 

North Wilts Banking Co. Amalgamated with Hamp- 
shire Banking Co., under the title of Hampshire & North 
Wilts Banking Co., 1877. 

Oakes, Bevan, Tollemache & Co., Bury St. Edmunds, 
etc. Amalgamated with Capital & Counties Bank, Ltd., 
1900. 

Paget & Co., Leicester, 1895. 

Parsons & Co, (Radnorshire Bank). Amalgamated with 
Worcester City & County Banking Co., Ltd., 1876. 

Peacock, Willson & Co., Sleaford, etc., 1912. 

Pinckney Bros., Salisbury, Amalgamated with Wilts 
& Dorset Banking Co., Ltd., 1897. 

Pomfret, Burra & Co., Ashford, 1902, 

Praeds & Co., Fleet Street, E.C., 1891. 

Pritchard, Gordon & Co., Broseley and Bridgnorth, 
1888. 

RocKE, Eyton & Co., Shrewsbury. Amalgamated with 
Burton, Lloyd, Salt & Co., 1884. 

St. Barbe & Co., Lymington. Amalgamated with Capital 
& Counties Bank, Ltd., 1896. 

Sealey & Co. (Bridgwater Bank). Taken over by Wilts 
& Dorset Bank, 1875. 

Seymour & Co., Basingstoke. Business acquired by the 
Hampshire Banking Co., 1864. 

Shropshire Banking Co., 1874. 

Slocock, Matthews, Southby & Slocock, Newbury. 
Amalgamated with Capital & Counties Bank, Ltd., 1895. 

Southern District Banking Co., Newport, I.W., etc. 
Business acquired by the Hampshire Banking Co., 1840. 

Stephens, Blandy, Barnett, Butler & Co., Reading. 
1899. 

Stevenson, Salt & Co., Stafford, 1866. 

Storey & Thomas, Shaftesbury. Transferred to Wilts 
& Dorset Banking Co., 1855. 

Three Towns Banking Co., Ltd., Plymouth, etc. Trans- 
ferred to Devon & Cornwall Banking Co., Ltd., 1890. 

TiCE & Welch, Christchurch. Joijied Wilts & Dorset 
Bank, 1849. 

Twining, Richard & Co., Strand, W.C, 1892. 

Vivian, Kitson & Co., Torquay, 1900. 



AMALGAMATIONS 



103 



*Ward, Merriman & Co., Marlborough. Business acquired 
by the North Wilts Banking Co., 1866. 

Warwick & Leamington Banking Co., 1866. 

Watis & Co., Teignmouth, etc. Amalgamated with 
Capital & Counties Bank, Ltd.. 1891. 

Webb & Co., Ledbury. Business acquired by Gloucester- 
shire Banking Co., 1883. 

Wells, Hogge & Lindsell, Baldock. Amalgamated 
with Capital & Counties Bank, Ltd., 1894. 

Western Counties Bank, Liskeard. Amalgamated with 
Capital & Counties Bank, Ltd., 1890. 

West Yorkshire Bank, Ltd., 1919. 

Wheeler, Thomas & Co., High Wycombe. Amalgamated 
with Capital & Counties Bank, Ltd., 1896. 

Wickham & Co., Winchester. Business acquired by the 
Hampshire Banking Co., 1854. 

Wilkins & Co., Brecon, Cardiff, etc., 1890. 

Williams & Co., Chester, 1897. 

Williams, P. & H., Wednesbury, 1865. 

Williams, R., & R. Thornton, Sykes & Co., Dorchester, 
etc. Amalgamated with Wilts & Dorset Banking Co., Ltd., 
1897. 

Willis, Percival & Co., London. Amalgamated with 
Capital & Counties Bank, Ltd., 1878. 

Wilts & Dorset Banking Co., Ltd., 1914. 

Worcester City & County Banking Co., Ltd., 1889. 

Wright, I. & L C. & Co., Nottingham. Amalgamated with 
Capital & Counties Bank, Ltd., 1898. 



AFFILIATED BANKS 

The National Bank of Scotland, Ltd. Head Office : 
Edinburgh. London Office, 37 Nichclas Lane, E.C.4. Twelve 
offices in Edinburgh, eighteen in Glasgow, and about one 
hundred in other places in Scotland. 

The London & River Plate Bank, Ltd. Head Office : 
7 Princes Street, London, E.C.2. Offices in Buenos Ayres, 
Rio de Janeiro, Monte Video, Valparaiso and at most of the 
principal towns in Argentina, Uruguay, Paraguay, Chile and 
Brazil, in addition to Branches in Paris, Lisbon and Antwerp 
and an agency in New York. 



AUXILIARY 

Lloyds & National Provincial Foreign Bank, Ltd. 
Head Office : 31 Threadneedle Street, E.C.2., Offices in 
Paris (3 Place de I'Opera), Biarritz, Bordeaux, Havre, 
Marseilles, Nice, St. Jean de Luz, Brussels, Antwerp, Coloe^ne 
and Zurich. 



104 THE bankers' clearing house 

LONDON JOINT CITY & MIDLAND BANK, LTD. 

Head Office : 5 Threadneedle Street, London, E.G. 
(Incorporated) 

Bank of Westmorland, Ltd. Amalgamated with London 
& Midland Bank, Ltd., 1893. 

Barnsley Banking Co., Ltd. Amalgamated with York 
City & County Banking Co., Ltd., 1897. 

Bate & Robins, Stourbridge^. Amalgamated with 
Birmingham & Midland Bank, Ltd., 1851. 

Birmingham & Midland Bank, Ltd. Amalgamated with 
the Central Bank of London, Ltd., under the title of London 
& Midland Bank, Ltd., 1891. 

Birmingham Banking Co., Ltd. Amalgamated with 
Royal Exchange Bank, Ltd., under the title of Metropolitan 
& Birmingham Bank, Ltd., 1889. 

Bradford Banking Co., Ltd. Amalgamated with London 
City & Midland Bank, Ltd., 1910. 

Carlisle City & District Bank, Ltd. Amalgamated 
with London & Midland Bank, Ltd., 1896. 

Central Bank of London, Ltd. Amalgamated with the 
Birmingham & Midland Bank, Ltd., under the title of London 
& Midland Bank, Ltd., 1891. 

Channel Islands Bank, Ltd., Jersey. Taken over by the 
London & Midland Bank, Ltd.. 1897. 

City Bank, Ltd., Threadneedle Street, E.C. Amalgamated 
with London & Midland Bank, Ltd., under the title of London 
City & Midland Bank, Ltd., 1898. 

City of Birmingham Bank, Ltd. Amalgamated with 
London City & Midland Bank, Ltd., 1899. 

Cooper, Purton & Sons, Bridgnorth. Amalgamated with 
the Birmingham Banking Co., Ltd., 1889. 

Coventry Union Banking Co. Amalgamated with 
Birmingham & Midland Bank, Ltd., 1889. 

Craddock & Bell (Nuneaton Bank). Incorporated with 
Coventry Union Banking Co., 1861. 

Cumberland Union Banking Co., Ltd. Amalgamated 
with York City & County Banking Co., 1901. 

Darlington District Joint Stock Banking Co., Ltd. 
Amalgamated with York City & County Banking Co., Ltd., 
1883. 

Davies Banks & Co., Kington, etc. Amalgamated with 
Metropolitan Bank (of England & Wales), Ltd., 1910. 

Derby Commercial Bank, Ltd. Amalgamated with the 
Birmingham & Midland Bank, Ltd., 1890. 

Dickenson, Joseph, Alston. Transferred to Carlisle City & 
District Bank, Ltd., 1890. 

Exchange & Discount Bank, Ltd., Leeds. Amalgamated 
with the Birmingham & Midland Bank. Ltd.. 1890. 



AMALGAMATIONS 



105 



Foster, Charles & Sons (Walsall Old Bank) . Incorporated 
with Birmingham Banking Co., 1848. 

Frankland & Wilkinson, WTiitby. Transferred to York 
City & County Banking Co., 1845. 

Harding & Co., Bridlington. Amalgamated with York 
City & County Banking Co., Ltd., 1878. 

Hardy & Co., Grantham. Amalgamated with Ixicestershire 
Banking Co., Ltd., 1895. 

Head, J. M. & Co. Acquired by Cumberland Union Banking 
Co., Ltd., 1866. 

Huddersfield Banking Co., Ltd. Amalgamated with 
London & Midland Bank, Ltd., 1897. 

Hull Banking Co., Ltd. Amalgamated with York Cit}?- 
& County Banking Co., Ltd., 1894. 

Imperial Bank, Ltd., Lothbury, E.C. Amalgamated with 
London Joint Stock Bank, Ltd., 1893. 

Lacy, Hartland, Woodbridge & Co., West Smithfield, 
E.C. Amalgamated with London & Midland Bank, Ltd., 
1891. 

Leamington Priors & Warwickshire Bank, Ltd. 
Amalgamated with Birmingham & Mdland Bank, Ltd., 1889. 

Leeds & County Bank, Ltd. Amalgamated with 
Birmingham & Midland Bank, Ltd., 1890. 

Leicestershire Banking Co., Ltd. Amalgamated with 
London City & Midland Bank, Ltd., 1900. 

Leyland & Bullins, Liverpool. Amalgamated with 
North & South Wales Bank, Ltd., 1901. 

Lincoln & Lindsey Banking Co., Ltd. Amalgamated 
with London City & IVIidland Bank, Ltd., 1913. 

Little & Woodcock (Coventry Bank). Transferred to 
Birmingham Banking Co., 1865. 

London & Midland Bank, Ltd. Amalgamated with 
City Bank, Ltd. Title altered to London City & Midland 
Bank, Ltd., 1898. 

London City & Midland Bank, Ltd. Amalgamated with 
London Joint Stock Bank, Ltd. Title changed to London 
Joint City & Midland Bank, Ltd., 1918. 

London Joint Stock Bank, Ltd., Rotherhithe Branch. 
Taken over by London & Midland Bank, Ltd., 1893. 

London Joint Stock Bank, Ltd. Amalgamated with 
London City & Midland Bank, Ltd. Title changed to 
London Joint City & Midland Bank, Ltd., 1918. 

Manchester Joint Stock Bank, Ltd. Amalgamated 
with London & Midland Bank, Ltd., 1892. 

Metropolitan Bank, Ltd. Title changed to Royal 
Exchange Bank, Ltd., 1880. 

Metropolitan & Birmingham Bank, Ltd. This title was 
created at the amalgamation of the Royal Exchange Bank with 
the Birmingham Banking Co., Ltd., 1889, and changed to 
Metropolitan, Birmingham & South Wales Bank, Ltd., 1892, 



106 THE bankers' clearing house 

on amalgamation with the South Wales Union Bank, Ltd. In 
1893 the title was changed to Metropolitan Bank (of England 
& Wales), Ltd., on amalgamation with the National Bank of 
Wales, Ltd., and the bank became amalgamated with the 
London City & Midland Bank, Ltd., in 1914. 

National Bank of Wales, Ltd. Amalgamated with 
Metropolitan, Birmingham & South Wales Bank, Ltd., 1893. 

NiCHOLLS, Baker & Crane, Bewdley. Amalgamated with 
Birmingham & Midland Bank, Ltd., 1862. 

North & South Wales Bank, Ltd., LiverpoqJ. Amalga- 
mated with London City & Midland Bank, Ltd., 1908. 

North Western Bank, Ltd., Liverpool. Amalgamated 
with London & Midland Bank, Ltd., 1897. 

Nottingham Joint Stock Bank, Ltd. Amalgamated with 
London City & Midland Bank, Ltd., 1905. 

Oldham Joint Stock Bank, Ltd. Amalgamated with 
London & Midland Bank, Ltd., 1898. 

Preston Banking Co., Ltd. Amalgamated with London 
& Midland Bank, Ltd., 1894. 

PuGH Jones & Co., Pwllheli. Taken over by National 
Bank of Wales, 1891. 

Robertson, Fraser & Co., Manchester. Was taken over 
by the Manchester Joint Stock Bank, Ltd., on its formation 
in 1873. 

Rochdale Joint Stock Bank, Ltd. Amalgamated with 
Oldham Joint Stock Bank, Ltd., 1882. 

Royal Exchange Bank, Ltd. Amalgamated with Bir- 
mingham Banking Co., Ltd., under the title of Metropolitan 
& Birmingham Bank, Ltd., 1889. 

Sheffield & H\ll\mshire Bank, Ltd. Amalgamated with 
London City & Midland Bank, Ltd., 1913. 

Sheffield Union Banking Co., Ltd. Amalgamated with 
London City & Midland Bank, Ltd., 1901. 

South Wales Union Bank, Ltd. Amalgamated with 
Metropolitan & Birmingham Bank, Ltd., under title of 
Metropolitan, Birmingham & South Wales Bank, Ltd., 1892. 

Staffordshire Joint Stock Bank, Ltd. Amalgamated 
with the Birmingham Banking Co., Ltd., 1889. 

Stourbridge & Kidderminster Banking Co. Amalga- 
mated with the Birmingham Banking Co., Ltd., 1880. 

Swansea Bank, Ltd. Title changed to South Wales 
Union Bank, Ltd., 1888. 

Union Bank of Birmingham, Ltd. Amalgamated with 
Birmingham & Midland Bank, Ltd., 1883. 

Williams & Son (Merionethshire Bank). Transferred to 
North & South Wales Bank, 1873. 

York City & County Banking Co., Ltd. Amalgamated 
with London Joint Stock Bank, Ltd., 1909. 

Yorkshire Banking Co., Ltd. Amalgamated with London 
City & Midland Bank, Ltd.. 1901. 



AMALGAMATIONS 



107 



AFFILIATED BANKS 

Belfast Banking Co., Ltd. By purchase of Share Capital, 
1917, by London City & Midland Bank, Ltd. 

Clydesdale Bank, Ltd. By purchase of Share Capital, 
1920, by London Joint City & Midland Bank, Ltd. 



LONDON COUNTY, WESTMINSTER & PARRS BANK, LTD. 

Head Office : 41 Lothbury, London, E.C. 

(Incorporated) 

Alliance Bank, Ltd. Amalgamated with Parrs Banking 
Co., Ltd., under the title of Parrs Banking Co. and the Alliance 
Bank, Ltd., 1892. 

AsHTON, Stalybridge, Hyde & Glossop Bank, Ltd. 
Amalgamated with Parrs Bank, Ltd., 1900. 

Badcock & Co., Taunton. Amalgamated with Stuckey's 
Banking Co., Ltd., 1873. 

Bank of London, Threadneedle Street, E.C. Acquired 
by Consolidated Bank, 1866. 

Bank of Manchester (established 1829). Renamed 
Consolidated Bank. 

Barnard, Thomas & Co., Bedford. Amalgamated with 
Parrs Banking Co., Ltd., September, 1915. 

Batten, John Edmund & H. B., Yeovil. Amalgamated 
with Stuckey's Banking Co. 

Burt, Frederick & Co., Cornhill, E.C. Amalgamated 
with London & County Banking Co., Ltd., 1907. 

Commercial Bank of London. Business acquired by 
London & Westminster Bank, 1861. 

Consolidated Bank, Ltd., London and Manchester. 
Amalgamated with Parrs Bank, Ltd., 1896. 

Crompton & Evans' Union Bank, Ltd., Derby, etc. 
Amalgamated with Parrs Bank, Ltd., January, 1914. 

Crompton, Newton & Co., Derby. Amalgamated with 
W. S. Evans & Co., and termed Crompton & Evans' Union 
Bank, Ltd., 1877. 

Croxon, Jones & Co., Ltd., Oswestry. Amalgamated 
with Parrs Banking Co. and the Alliance Bank, Ltd., 1894. 

Denison, Heywo6d & Co. Became Heywoods, Kennard 
& Co., 1851. 

Derby & Derbyshire Banking Co., Ltd. Amalgamated 
with Parrs Banking Co., Ltd., 1898. 

Dixon & Co., Chester. Amalgamated with Parrs Banking 
Co., Ltd., 1878. 

Dumbells Banking Co., Ltd., Isle of Man. Acquired by 
Parrs Banking Co., Ltd., 1900. 

Dunsford & Co., Tiverton. Amalgamated with Stuckey's 
Banking Co., Ltd., 1883. 

Evans, W. S. & Co., Derby. Amalgamated with Crompton, 



108 THE BANKERS* CLEARING HOUSE 

Newton & Co., and termed Crompton & Evans' Union Bank, 
Ltd.. in 1877. 

Fuller, Banbury & Co., Lombard Street, E.C. Amalga- 
mated with Parrs Banking Co., Ltd., 1891. 

Hankey & Co., Fenchurch Street, E.C. Merged into the 
Consolidated Bank. 1863. 

Heywoods. Kennard & Co., Lombard Street. Merged 
into the ConsoHdated Bank, 1863. 

Hove Banking Co, Amalgamated with London & County- 
Banking Co., Ltd., 1891. 

Jennings, E. W., Leek. Amalgamated with Parrs Banking 
Co., Ltd. 

Jones, Loyd & Co. Business acquired by London & 
Westminster Bank, 1864. 

KiNGSLAKE & Co., Taunton. Amalgamated with Stuckey's 
Banking Co., 1838. 

London & County Banking Co., Ltd. Amalgamated 
with London & Westminster Bank, Ltd. Title altered to 
London County & Westminster Bank, Ltd., 1909. 

London & County Joint Stock Banking Co. Title 
changed to London & County Banking Co., 1867. 

London & Middlesex Bank. Business acquired by 
London & Westminster Bank. 

London & Westminster Bank, Ltd. Amalgamated with 
London & County Banking Co.-. Ltd. Title altered to London 
County & Westminster Bank. Ltd., 1909. 

London County & Westminster Bank. Ltd. Amalga- 
mated with Parrs Bank. Ltd. Title altered to London County 
Westminster & Parrs Bank, Ltd., 1918. 

National Bank of Liverpool. Amalgamated with 
Parrs Banking Co., Ltd., 1883. 

Nottingham & Nottinghamshire Banking Co., Ltd. 
Amalgamated with London County Westminster & Parrs 
Bank, Ltd., 1919. 

NuNN & Co., Manningtree and Colchester. Transferred to 
London & County Bank, 1870. 

Pares's Leicestershire Banking Co., Ltd. Amalgamated 
with Parrs Bank, Ltd., 1902. 

Parrs Bank, Ltd. Amalgamated with London County 
& Westminster Bank, Ltd. Title changed to London County 
Westminster & Parrs Bank. Ltd., 1918. 

Parrs Banking Co., Ltd. Amalgamated with the Alliance 
Bank, Ltd., under title of Parrs Banking Co. and the Alliance 
Bank, Ltd., 1892. 

Parrs Banking Co. & The Axliance Bank, Ltd. Title 
changed to Parrs Bank. Ltd., 1896. 

Phelps & Co., Crewkerne. Amalgamated with Stuckey's 
Banking Co. 

Reeves & Porch, Wells, Glastonbury and Shepton Mallet. 
Amalgamated with Stuckey's Banking Co., 1835 



AMALGAMATIONS 



109 



RiCKETTS, Thorne, Wait & Co. (The Castle Bank, Bristol). 
Amalgamated with Stuckey's Banking Co., 1826. 

Robin, Brothers (Jersey Commercial Bank), Jersey. 
Amalgamated with Parrs Bank, Ltd., 1908. 

Scott, Sir Samuel, Bart., & Co., Cavendish Square, W. 
Amalgamated with Parrs Banking Co. and the Alliance 
Bank, Ltd., 1894. 

Shrubsole & Co., Kingston-on-Thames. Amalgamated 
with Parrs Banking Co. and the Alliance Bank, Ltd., 
1894. 

Sparks & Co., Crewkerne. Amalgamated with Stuckey's 
Banking Co., 1826. 

Strahan, Paul & Bates, Business acquired by London 
& Westminster Bank, 1856. 

Stuckey's Banking Co., Ltd., Taunton, etc. Amalgamated 
with Parrs Bank, Ltd., 1909. 

Taylor & Sons, Bakewell. Amalgamated with Crompton 
& Evans' Union Bank, Ltd., 1879. 

Tufnell, Falkner & Falkner, Bath. Amalgamated 
with Stuckey's Banking Co., 1841. 

Unity Joint Stock Bank. Business acquired by London 
& Westminster Bank, 

Walters, Waldron, Timbrell & Barton, Frome. 
Amalgamated with Stuckey's Banking Co. 

Whitehaven Joint Stock Banking Co., Ltd. Amalga- 
mated with Parrs Bank, Ltd., November, 1908. 

Whitmarsh & White, Yeovil. Amalgamated with 
Stuckey's Banking Co. 

Wilson & Son, Alfreton. Amalgamated with Crompton 
& Evans' Union Bank, Ltd., 1879. 

Woodcock, Thomas, Sons & Eckersley, Wigan. 
Amalgamated with Parrs Banking Co., Ltd., 1874. 

Woodland & Co., Bridgwater. Amalgamated with 
Stuckey's Banking Co. 

Young & Son, Southwark. Business acquired by London 
& Westminster Bank, 1849. 

Foreign Branch, now known as London County West- 
minster & Parrs Foreign Bank, Ltd. Offices : 82 Cornhill, 
E.C. 

Spanish Branches : Barcelona, Madrid and Bilbao. 

Belgian Branches : Antwerp and Brussels. 

Affihated in France : London County & Westminster 
Bank (Paris), Ltd. Paris : 22 Place Vendome ; Bordeaux: 22 
& 24 Cours de I'lntendance ; Lyons : 37 Rue de la Republique ; 
Marseilles : 29 Rue Cannebleu ; Nantes : 6 Rue Lafayette. 

Affiliated in Ireland : Ulster Bank, Ltd. 



THE NATIONAL BANK, LTD. 
Head Office : 13 Old Broad Street, London, E.C. 



110 THE bankers' clearing HOUSE 

THE NATIONAL PROVINCIAL & UNION BANK OF 
ENGLAND, LTD. 

Head Office : 15 Bishopsgate, London, E.G. 
(Incorporated) 

Bailey & Co. (Monmouthshire Agricultural & Commercial 
Bank). Amalgamated with National Provincial Bank of 
England, 1868. 

Bank of Leeds. Amalgamated with National Provincial 
Bank of England. 1878. 

BiGGERSTAFF, WiLLiAM & JoHN, Smithfield, ctc. Premises 
taken over by National Provincial Bank of England, 1918. 

Bradford Commercial Joint Stock Banking Co., Ltd. 
Amalgamated with Bradford District Bank, 1904. 

Bradford District Bank, Ltd. Amalgamated 1918. 

BuLPETT & Hall, Winchester, etc. Amalgamated with 
Prescott, Dimsdale, Cave, Tugwell & Co., Ltd., 1892. 

Butcher, Thomas & Sons, Tring, etc. Amalgamated with 
Prescott, Dimsdale, Cave, Tugwell & Co., Ltd., 1900. 

Chasemore, Robinson & Sons, Croydon. Amalgamated 
with the Union Bank of London, Ltd., 1891. 

Cole, Holroyd & Co., Exeter. Amalgamated with 
National Provincial Bank of England, 1842. 

County of Stafford Bank, Ltd. Amalgamated with 
National Provincial Bank of England, 1899. 

Crawshay, Bailey & Co., Abergavenny. Amalgamated 
with the National Provincial Bank of England, 1867. 

Cripplegate Bank, Ltd., Fore Street, E.C. Title changed 
to London Commercial & Cripplegate Bank, Ltd., 1900. 

Deane & Co., Winchester. Amalgamated with Prescott 
& Co., under the title of Prescott, Dimsdale, Cave, Tugwell 
& Co., Ltd., 1891. 

Dimsdale, Fowler, Barnard & Dimsdale's, Cornhill, 
E.C. Amalgamated with Prescott & Co., under the title of 
Prescott, Dimsdale, Cave, Tugwell & Co., Ltd., 1891. 

Dixon, Brooks & Dixon. Taken over by the Union Bank 
of London, 1859. 

Dover Bank. Amalgamated with National Provincial 
Bank of England, 1841. 

Fryer, Andrews & Co., Dorsetshire. Amalgamated 
with National Provincial Bank of England, 1840. 

Godfrey & Riddell, Newark-on-Trent. Amalgamated 
with Samuel Smith & Co., Derby, etc., 1880. 

Hammersleys, Greenwood, Drewe & Brooks' Bank, 
Pall Mall. Amalgamated with Coutts & Co., 1841. 

Harwood & Co., Thornbury. Amalgamated with 
Prescott, Dimsdale, Cave, Tugwell & Co., Ltd., 1891. 

Hewitt & Moxon, Towcester. Amalgamated with North- 
amptonshire Union Bank, Ltd., 1887. 



AMALGAMATION* 



Hilton, Rigden & Rigden, Faversham. Amalgamated 
with Prescott, Dimsdale, Cave, Tugwell & Co., Ltd., 1892. 

HoPKiNSON, Charles & Sons, Regent Street, S. W. Business 
acquired by Prescott, Dimsdale, Cave, Tugwell & Co., Ltd., 
1898. 

Isle of Wight Joint Stock Bank, Newport. Amalga- 
mated with National Provincial Bank of England, 1843. 

Kinnersley & Sons, Newcastle-under-Lyme. Amalga- 
mated with National Provincial Bank of England, 1854. 

Knaresborough & Claro Banking Co., Ltd. Amalga- 
mated with National Provincial Bank of England, 1903. 

Ley & Co. (Bideford Old Bank). Amalgamated with 
National Provincial Bank of England, 1843. 

London & Yorkshire Bank, Ltd. Amalgamated with 
Union of London & Smiths Bank, Ltd., 1903. 

London Commercial & Cripplegate Bank, Ltd. Acquired 
by Union Bank of London, Ltd., 1900. 

LovEBAND & Co., Torrington. Amalgamated with National 
Provincial Bank of England, 1843. 

Miles, Cave, Baillie & Co., Bristol. Amalgamated with 
Prescott & Co., under the title of Prescott, Dimsdale, Cave, 
Tugwell & Co., Ltd., 1891. 

MiLFORD Snow & Co., Exeter. Amalgamated with 
Sanders & Co., Exeter, under the title of Sanders, Snow & 
Co., 1901. 

Moger & Son, Bath. Amalgamated with Prescott & Co., 
under the title of Prescott, Dimsdale, Cave, Tugwell & Co., 
Ltd.. 1891. 

Moore's, W., Bank, Hove. Amalgamated with National 
Provincial Bank of England, 1858. 

Morris, David & Sons, Carmarthen. Amalgamated with 
National Provincial Bank of England, 1867. 

MoxoN & Percival, Towcester. Amalgamated with 
Northamptonshire Union Bank, Ltd., 1887. 

National Provincial Bank of England, Ltd. Amalga- 
mated with Union of London & Smiths Bank, Ltd. Title 
altered to National Provincial & Union Bank of England, 
Ltd., 1917. 

Northamptonshire Union Bank, Ltd. Amalgamated 1920. 

North Devon Bank. Amalgamated with National 
Provincial Bank of England, 1835. 

Prescott, Cave, Buxton, Loder & Co., Threadneedle 
Street, E.C. Converted into joint stock company, under the title 
of Prescott, Dimsdale, Cave, Tugwell & Co., Ltd., 1891. 

Prescott, Dimsdale, Cave, Tugwell & Co., Ltd. Title 
changed to Prescott 's Bank, Ltd., 1903. 

Prescott's Bank, Ltd. Amalgamated with Union of 
London & Smiths Bank, Ltd., 1903. 

Pretor & Co., Sherborne. Amalgamated with National 
Provincial Bank of England, 1843. 



112 THE bankers' clearing HOUSE 

RiCiiARDS & Co., Llangollen, 1920. 

RoBARTS, Lubbock & Co., Lombard Street, E.C. Amalga- 
mated with Coutts & Co., Strand, W.C, 1914. Affiliated 1920. 

Sanders & Co., Exeter. Amalgamated with Milford, 
Snow & Co., under the title of Sanders, Snow & Co., 1901. 

Sanders, Snow & Co. Amalgamated with Prescott, 
Dimsdale, Cave, Tugwell & Co., Ltd., 1902. 

Sheffield Banking Co., Ltd. Amalgamated 1919. 

Shilson, Coode & Co., St. Austell (St. Austell Bank), 1920. 

Skinner & Co., Stockton and Darlington. Amalgamated 
with National Provincial Bank of England, 1836. 

Smith, Ellison & Co., Lincoln. Amalgamated with 
Union Bank of London, Ltd. Title changed to Union of 
London & Smiths Bank, Ltd., 1902. 

Smith, Payne & Smiths, Lombard Street, E.C. Amalga- 
mated with Union Bank of London, Ltd. Title changed to 
Union Bank of London & Smiths Bank, Ltd., 1902. 

Smith, Samuel & Co., Derby, Newark and Nottingham. 
Amalgamated with Union Bank of London, Ltd, Title 
changed to Union of London & Smiths Bank, Ltd., 1902. 

Smith, Samuel, Brothers & Co., Hull. Amalgamated 
with Union Bank of London, Ltd. Title changed to Union 
of London & Smiths Bank, Ltd., 1902. 

Stockton & Durham County Bank, Stockton and 
Guisborough. Amalgamated with National Provincial Bank 
of England, 1846. 

Tugwell, Brymer & Co., Bath. Amalgamated with 
Prescott & Co., under title of Prescott, Dimsdale, Cave, 
Tugwell & Co., Ltd., 1891. 

Union Bank of London, Ltd. Amalgamated with Smith, 
Payne & Smiths, London ; Smith, Ellison & Co., Lincoln ; 
Samuel Smith, Brothers & Co., Hull ; and Samuel Smith & 
Co., Derby, etc. Title changed to Union of London & Smiths 
Bank, Ltd., 1902. 

Union of London & Smiths Bank, Ltd. Amalgamated 
with National Provincial Bank of England, Ltd. Title changed 
to National Provincial & Union Bank of England, Ltd., 1917. 

Wallis & Hewitt, Towcester. Amalgamated with North- 
amptonshire Union Bank, Ltd., 1887. 

Whitworth, Wallis & Hewitt, Towcester. Amalgamated 
with Northamptonshire Union Bank, Ltd., 1887. 

WiGAN, Mercer, Tasker & Co., Maidstone. Amalgamated 
with Union of London & Smiths Bank, Ltd., 1903. 

AFFILIATED 
Coutts & Co., Strand, W.C, and Lombard Street, E.C, 
1920. 

AUXILIARY BANK 
Lloyds & National Provincial Foreign Bank, Ltd. Head 
Office ! 31 Threadneedle Street, E.C.2. Offices in Paris 



AMALGAMATIONS 



113 



(3 Place de I'Opera), Biarritz, Bordeaux, Havre, Marseilles, 
Nice, St. Jean de Luz, Brussels, Antwerp, Cologne and 
Zurich. 

WILLIAMS DEACONS BANK, LTD. 

Head Office : 20 Birchin Lane, London, E.G. 

(Incorporated) 

Hardcastle, Cross & Co., Bolton. Amalgamated with 
Manchester & Salford Bank, Ltd., 1878. 

Heywood, Brothers & Co., Manchester. Amalgamated 
with Manchester & Salford Bank, Ltd., 1874. 

Manchester & Salford Bank, Ltd. Amalgamated with 
Williams, Deacon, Thornton & Co., 1890. 

RoYDS, Clement & Co., Rochdale. Amalgamated with 
Manchester & Salford Bank, Ltd.. 1881. 

Sheffield & Rotherham Joint Stock Banking Co., 
Ltd.. 1907. 

Williams, Deacon & Manchester & Salford Bank, 
Ltd. Title changed to Williams Deacons Bank, Ltd., 1901. 

Williams, Deacon, Thornton & Co., Birchin Lane, E.C. 
Amalgamated with Manchester & Salford Bank, Ltd., under 
the title of Williams, Deacon & Manchester & Salford Bank, 
Ltd.. 1890. 



List of Banks in England and Wales as 
Formerly Known and as at Present Incorporated. 
Former name of Bank. 



Adams & Warren, Shrews- 
bury and Market Drayton. 

Adams, Samuel & Co., 
Hertford and Ware. 

Adelphi Bank, Ltd., Liver- 
pool. 

Alcock, J. O. G., Burslem. 



Alexanders, Birbeck, Barclay 

& Buxton, Ipswich. 
AUiance Bank, Ltd. 

AUoway & McDougall, Ross 
Old Bank. 



Alnwick & County Bank, 
Alnwick, etc. 

8— (1776) 



Now incorporated in 
Bankrupts, 1847. 

Bankrupts, 1856. 

Lancashire & Yorkshire 
Bank, Ltd. 

Manchester & Liverpool 
District Banking Com- 
pany, Ltd. 

Barclays Bank, Ltd. 

London County Westmin- 
ster & Parrs Bank, Ltd. 

Transferred to West of Eng- 
land & South Wales Dis- 
trict Bank, 1863, which 
failed in 1879. 

Bank of Liverpool & 
Martins, Ltd. 



114 



THE BANKERS CLEARING HOUSE 



Former name of Bank. 

Arkwright & Co., Wirks- 

worth Bank. 
Ashby, Thos., & Co., Staines, 

etc. 
Ashton, Stalybridge, Hyde 

& Glossop Bank, Ltd. 
Atkins & Sons, Portsmouth. 
Attwoods, Spooner & Co. 
Backhouse, Jonathan & Co., 

DarHngton, etc. 
Bacon, Cobbold & Co., 

Ipswich, etc. 
Bacon, Cobbold, Tollemache 

& Co., Ipswich, etc. 
Badcock & Co., Taunton. 

Bagley, Willans & Co., 

Leeds. 
Bailey & Co., Monmouth 

Agricultural & Commercial 

Bank. 
Bain, Field, Hitchins & Co., 

Redruth & Helston. 
Bala Banking Co., Ltd. 
Bank of Bolton, Ltd. 

Bank of Leeds. 

Bank of Liverpool, Ltd. 

Bank of London. 



Bank of Manchester (renamed 

Consolidated Bank) . 
Bank of Oldham, Ltd. 

Bank of Wales. 

Bank of Westmorland, Ltd. 

Bank of Whitehaven, Ltd. 



Barber, James, Son & Co., 
Leadenhall Street, E.C.I. 

Barclay & Co., Ltd. 

Barclay, Bevan, Tritton & 
Co., Lombard Street. 



Now incorporated in 
Lloyds Bank, Ltd. 

Barclays Bank, Ltd. 

London County Westmin- 
ster & Parrs Bank, Ltd. 
Lloyds Bank, Ltd. 
Stopped payment, 1865. 
Barclays Bank, Ltd. 

Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

London County Westmin- 
ster & Parrs Bank, Ltd. 
Business discontinued, 1894. 

National Provincial & 
Union Bank of England, 
Ltd. 

Barclays Bank, Ltd. 

Liquidation, 1876. 
Manchester & County Bank, 

Ltd. 
National Provincial & Union 

Bank of England, Ltd. 
Bank of Liverpool & 

Martins, Ltd. 
Acquired by Consolidated 

Bank, 1866, went into 

liquidation, 1866. 
London County Westmin- 
ster & Parrs Bank, Ltd. 
Sec Manchester & Oldham 

Bank. 
Barclays Bank, Ltd. 
London Joint City & 

Midland Bank, Ltd. 
Manchester & Liverpool 

District 

pany, Ltd. 
Suspended payment, 1880. 

Barclays Bank, Ltd. 
Barclays Bank, Ltd. 



AMALGAMATIONS 



115 



Former name of Bank. 

Barclay, Bevan, Tritton, Ran- 
som, Bouverie & Co., 

Lombard Street. 
Barclay, Bevan, Tritton, 

Twells & Co., Lombard 

Street. 
Barker, George & Co., Mark 

Lane. 
Barnard, Thomas & Co., 

Bedford. 
Barneds' Banking Co., 

Liverpool. 
Barnes, Medley & Ansell, 

Farringdon Bank & Bank 

of Wantage. 
Barnetts, Hoares, Hanbury & Lloyds Bank, Ltd 

Lloyd, Lombard Street, 

E.C. 
Bamsley Banking Co., Ltd 



Now incorporated in 
Barclays Bank, Ltd. 

Barclays Bank, Ltd. 

Liquidation, 1892. 

London County Westmin- 
ster & Parrs Bank, Ltd. 
Failed, 1866. 

Stopped payment, 1861. 



Bartlett & Co., Buckingham. 
Bassett, Son and Harris, 

Leighton Buzzard, etc. 
Bate & Robins, Stourbridge. 

Batten, Carne & Carnes Bank- 
ing Co., Ltd., Penzance, 
etc. 

Batten, John Edmund & 
H. B., Yeovil. 

Beck & Co., Shrewsbury & 
Welshpool. 

Beeching & Co., Tonbridge, 
etc. 

Berwick, Lechmere & Co., 
Worcester, etc. 

Biggerstaff, William & John, 
Smithfield, etc. 



Birkbeck Bank, Chancery 

Lane. 
Birkbeck, Robinson & Co., 

Settle, etc. 



London Joint City 

Midland Bank, Ltd. 
Lloyds Bank, Ltd. 
Barclays Bank, Ltd. 

London Joint City 
Midland Bank, Ltd. 
Barclays Bank, Ltd. 



& 



Birmingham 
Bank, Ltd. 

Birmingham 
Ltd. 



& Midland 



Banking Co., 



London County Westminster 

& Parrs Bank, Ltd. 
Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Retired from business — 
premises taken by National 
Provincial & Union Bank 
of England, Ltd., 1918. 

Stopped payment, 1911 

Bank of Liverpool & 

Martins, Ltd. 
London Joint City & 

Midland Bank, Ltd. 
London Joint City & 

Midland Bank, Ltd. 



116 



THE BANKERS CLEARING HOUSE 



Former name of Bank. 

Birmingham District & Coun- 
ties Banking Co., Ltd. 

Birmingham, Dudley & 
District Banking Co., Ltd. 

Birmingham Joint Stock 
Bank, Ltd. 

Blackburn Bank. 



Birmingham Town & 
District Banking Co. 

Bolitho, Sons & Co., Pen- 
zance, etc. 

Bolitho, Williams, Foster, 
Coode, Grylls & Co., 
Ltd., Penzance. 

Bosanquet, Salt & Co., 
Lombard Street, E.C. 

Bradford Banking Co., Ltd. 

Brp,dford Commercial Joint 
Stock Banking Co., Ltd. 

Bradford District Bank, 

Ltd. 
Bradford Old Bank, Ltd. 
Bristol & West of England 

Bank, Ltd. 
Brocklehurst, William John 

& Thomas & Co., Maccles- 
field. 
Brodie & Co., Salisbury 

& Fordingbridge. 
Brodie & King, Shaftesbury 

& Hendon Bank. 
Bromage & Co., Monmouth. 
Brooks & Co., Lombard 

Street, E.C. 
Brown, Janson & Co., 

Abchurch Lane, E.C. 
Brown, John & Co., Abchurch 

Lane, E.C. 
Brown, William Williams 

& Co., Leeds. 
Bucks & Oxon Union Bank, 

Ltd. 
Bulpett & Hall, Winchester. 

etc. 



Now incorporated in 
Barclays Bank, Ltd. 

Barclays Bank, Ltd. 

Lloyds Bank, Ltd. 

Union Bank of Manchester, 
Ltd., affiliated with Bar- 
clays Bank, Ltd. 

Barclays Bank, Ltd. 

Barclays Bank, Ltd. 
Barclays Bank, Ltd. 

Lloyds Bank, Ltd. 

London Joint City & 

Midland Bank, Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
National Provincial & Union 

Bank of England, Ltd. 
Barclays Bank, Ltd. 
Lloyds Bank, Ltd. 

Manchester & Liverpool 
District Banking Company, 
Ltd. 

Bankrupts, 1847. 

Closed, 1847. 

Lloyds Bank, Ltd. 
Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Suspended payment, 1903. 

Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

National Provincial & Union 
Bank of England, Ltd. 



AMALGAMATIONS 



Former name of Bank 

Burt, Frederick & Co., 

Cornhill, E.G. 
Burton, Lloyd & Co., 

Shrewsbury. 
Burton Union Bank, Ltd. 
Bury Banking Co., Ltd. 

Butcher, Thomas & Sons, 
Tring, etc. 

Butlin, A. & Son, Rugby. 

Call, Marten & Co., St. 
Albans. 

Capital & Counties Bank, 
Ltd. 

Carlisle & Cumberland Dis- 
trict Banking Co., Ltd. 

Carlisle City & District 
Bank, Ltd. 

Carlton Bank, Ltd., Fins- 
bury Pavement, E.C. 

Central Bank of London, 
Ltd. 

Channel Islands Bank, Ltd., 
Jersey. 

Chasemore, Robinson & Sons, 
Croydon. 

Cheltenham & Gloucester- 
shire Banking Co. 

Cheque Bank, Ltd., Bishops- 
gate Street. E.C. 

Cheshire Banking Co., Ltd. 

Chesterfield & North Derby- 
shire Banking Co. 

Christy, Lloyd & Co.. 
Stockport. 

City Bank, Ltd., Thread- 
needle Street, E.C. 

City of Birmingham Bank, 
Ltd. 

Clymo, Treffry, Hawke, West 
& Co., Liskeard. 

Cobb & Co., Margate. 

Cobb, Bartlett & Co., 
Alyesbury. 

Cx)bb, T. R. & Co., Banbury. 



Now incorporated in 

London County Westminster 

& Parrs Bank, Ltd. 
Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 
Lancashire & Yorkshire 

Bank, Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
Lloyds Bank. Ltd. 
Barclays Bank, Ltd. 

Lloyds Bank, Ltd. 

Bank of Liverpool & 
Martins, Ltd. 

London Joint City & Mid- 
land Bank, Ltd. 

Liquidation, 1901. 

London Joint City & 

Midland Bank, Ltd. 
London Joint City & 

Midland Bank, Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
Lloyds Bank, Ltd. 

Liquidation, 190L 

Liquidation, 1884. 
Liquidation, 1878. 

Manchester & Liverpool 

District Banking Company, 

Ltd. 
London Joint City & 

Midland Bank, Ltd. 
London Joint City & 

Midland Bank. Ltd. 
Lloyds Bank. Ltd. 

Lloyds Bank. Ltd. 
Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 



118 



THE BANKERS CLEARING HOUSE 



Former name of Bank 

Cocks, Biddulph & Co., 

Charing Cross. 
Cole, Holroyd & Co., Exeter. 

Commercial Bank, Blackburn. 
Commercial Bank of Corn- 
wall, Ltd. 
Commercial Bank of London. 

Commercial Bank of Man- 
chester, Ltd. 

Commercial Union Bank, 
Ltd., Bishopsgate Street, 
E.C. 

Connor, William, Man- 
chester. 

Consolidated Bank, Ltd., 
London and Manchester. 

Consols Bank, Ltd., Parlia- 
ment Street, S.W. 

Coode, Shilson & Co., St. 
Austell. 

Cooper, Purton & Sons, 
Bridgnorth. 

Cornish Bank, Ltd. 

Coryton's Exchange Bank, 
Manchester (Coryton's 

Bank, Manchester). 

Country Cheque Clearing 
Bank, Ltd., Clements 
Lane, E.C. 

County of Gloucester Bank, 
Ltd. 

County of Stafford Bank, 
Ltd. 

Coutts & Co. 



Coventry & Warwickshire 

Banking Co. 
Coventry Union Banking 

Co. 
Cox, Cobbold & Co., Harwich. 
Craddock & Bell, Nuneaton 

Bank. 
Craven Bank, Ltd., Skipton, 

etc. 



Now incorporated in 

Bank of Liverpool & 

Martins, Ltd. 
National Provincial & Union 

Bank of England, Ltd. 
Business discontinued, 1891. 
Lloyds Bank, Ltd. 

London County Westminster 

& Parrs Bank, Ltd. 
Failed, 1879. 

Failed, 1883. 



Business discontinued, 1880. 

London County Westminster 

& Parrs Bank, Ltd. 
Failed. 1883. 

See Shilson, Coode & Co., 

London Joint City & 

Midland Bank, Ltd. 
Lloyds Bank. Ltd. 
Liquidation, 1907. 



Ceased to exist. 



Lloyds Bank, Ltd. 

National Provincial & 

Union Bank of England, 

Ltd. 
Affiliated with National 

Provincial & Union Bank 

of England, Ltd. 
Lloyds Bank, Ltd. 

London Joint City Sc 
Midland Bank, Ltd. 

Lloyds Bank, Ltd. 

London Joint City & 
Midland Bank, Ltd. 

Bank of Liverpool & 
Martins, Ltd. 



119 



Former name of Bank 

Crawshay, Bailey & Co., 
Abergavenny. 

Cripplegate Bank, Ltd., Fore 
Street, E.G. 

Crompton & Evans' Union 

Bank, Ltd., Derby, etc. 
Crompton, Newton & Co., 

Derby, etc. 
Croxon, Jones & Co., Ltd., 

Oswestry. 
Cumberland Union Banking 

Co., Ltd. 
Cunliffes, Brooks & Co., 

Manchester, etc. 
Curteis, Pomfret & Co., 

Rye. 
Dale, Young & Co., New- 

castle-on-Tyne. 
Darlington District Joint 

Stock Banking Co., Ltd. 
Davies, Banks & Co., 

Kington, etc. 
Day, Nicholson & Stone, 

Rochester and Chatham. 
Deane & Co.. Winchester. 



Dendy & Co., Chichester. 
Denison, Hey wood & Co., 

London. 
Derby & Derbyshire Banking 

Co., Ltd. 
Derby Commercial Bank, 

Ltd. 
Devon & Cornwall Banking 

Co., Ltd. 
Dickenson, Joseph, Alston. 

Dimsdale, Fowler, Barnard 
& Dimsdale's, Cornhill, E.C. 

Discount Banking Company 
of England & Wales, Ltd. 
(Discount Bank, Ltd.). 

District & Union Bank, Ltd., 
Birmingham, etc. 



Now incorporated in 

National Provincial & 

Union Bank of England, 

Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
London County Westminster 

«& Parrs Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
London Joint City & 

Midland Bank, Ltd. 
Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Bank of Liverpool & 

Martins, Ltd. 
London Joint City & 

Midland Bank, Ltd. 
London Joint City & 

Midland Bank, Ltd. 
Barclays Bank, Ltd. 

National Provincial & 

Union Bank of England, 

Ltd. 
Barclays Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
London Joint City & 

Midland Bank, Ltd. 
Lloyds Bank, Ltd. 

London Joint City & 

Midland Bank, Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
See London & District 

Bank, Ltd. 

Barclays Bank, Ltd. 



120 



THE BANKERS CLEARING HOUSE 



Former name of Bank 

District Bank of London, 

Oxford Street, W. 
Dixon & Co., Chester. 

Dixon, Brooks & Dixon. 



Dover Bank. 



Downes & Co. 
and Audlem. 



Nantwich 



Dudley and West Bromwich 

Banking Co. 
Dumbell's Banking Co., Ltd., 

Isle of Man. 
Dunsford & Co., Tiverton. 

East of England Bank. 

Eaton Cay ley & Co., Stam- 
ford. 

Economic Bank,Ltd., Bishops- 
gate Street, E.C. 

Eland & Eland, Thrapston & 
Kettering. 

Eliot, Pearce & Co., Wey- 
mouth, etc. 

English & Jersey Union Bank. 

Evans, W. S. & Co., Derby. 

Everett, Ravenhill & Co., 
Warminster. 

Exchange & Discount Bank, 
Ltd., Leeds. 

Eyton, Burton & Co., Shrews- 
bury, etc. 

Farley, Lavender & Co., 
Worcester Bank. 

Farley, Turner & Co., 
Worcester Bank. 

Farley, Turner & Co., 
Worcestershire Bank. 

Fen ton, J. J. & Sons, Roch- 
dale. 

Financial & Commercial Bank, 
Ltd., Bishopsgate Street, 
E.C. 



Now incorporated in 
Liquidation, 1887. 

London County Westminster 

& Parrs Bank, Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
Union Bank of Manchester, 

Ltd., affiliated with Bar- 
clays Bank, Ltd. 
Barclays Bank, Ltd. 

London County Westminster 

& Parrs Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
Barclays Bank, Ltd. 
Barclays Bank, Ltd. 

Suspended payment, 1905. 

Barclays Bank, Ltd. 

Bankrupts, 1897. 

Lloyds Bank, Ltd. 

London County Westminster 

& Parrs Bank, Ltd. 
Lloyds Bank, Ltd. 

London Joint City & 

Midland Bank, Ltd. 
Lloyds Bank, Ltd. 

Bankrupts, 1857. 

Stopped payment, 1856. 

Stopped payment, 1856. 

Suspended payment, 1878. 

Liquidation. 1905. 



AMALGAMATIONS 



121 



Former name of Bank 

Fincham & Simpson, Diss & 
Eye. 

Fisher, Johnson & Hailstone, 
Cambridge. 

Flood & Lott. 

Footner, William & Sons, 
Romsey & Hampshire Bank 

Fordham, Gibson & Co., 
Royston. 

Foster, Charles & Sons, 
Walsall Old Bank. 

Fosters, Cambridge, etc. 

Frankland & Wilkinson, 
Whitby. 

Fryer, Andrews & Co., Dorset- 
shire. 

Fryer, R. and W. F., Wolver- 
hampton. 

Fuller, Banbury & Co., 
Lombard Street, E.C. 

Garfit, Claypon & Co., 
Boston. 

Gee & Co., Boston. 

General Financial Bank, 
Ltd., Lombard Street, E.C. 

Gibson & Sturt, St. Albans 
& Herts Bank. 

Gibson, Tuke & Gibson, 
Saffron Walden. 

Gillett & Co., Banbury. 

Gillett & Co., Oxford, etc. 

Gilletts & Chnch, Whitney. 

Gill, Morshead & Co., 
Tavistock. 

Glamorganshire Banking Co., 
Ltd. 

Gloucestershire Banking Co. 
Ltd. 

Godfrey & Riddell, Newark- 
on-Trent. 

Godfrey, Major & Godfrey, 
Jersey. 

Goode, Marr & Co., Birming- 
ham. 

Goodrich & Holyoake, Wolver- 
hampton Bank. 

GosUngs & Sharpe, Fleet 
Street, E.C. 



Now incorporated in 
Barclays Bank, Ltd. 

Barclays Bank, Ltd. 

Bankrupts, 1847. 
Lloyds Bank, Ltd. 

Barclays Bank, Ltd. 

London Joint City & 
Midland Bank, Ltd. 

Lloyds Bank, Ltd. 

London Joint City & 
Midland Bank, Ltd. 

National Provincial & Union 
Bank of England, Ltd. 

Lloyds Bank, Ltd. 

London County Westminster 

& Parrs Bank, Ltd. 
Lloyds Bank, Ltd. 

Liquidation, 1874. 
Liquidation, 1882. 

Closed, 1847. 

Barclays Bank, Ltd. 

Barclays Bank, Ltd. 
Barclays Bank, Ltd. 
Barclays Bank, Ltd. 
Fox, Fowler & Co. 

Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

National Provincial & Union 
Bank of England, Ltd. 

London Joint City & 
Midland Bank, Ltd. 

Suspended payment, 1899. 

Barclays Bank, Ltd. 
Barclays Bank, Ltd. 



122 



THE BANKERS CLEARING HOUSE 



Former name of Bank 

Gotch, John C. & Sons, 
Kettering. 

Grant & Maddison's Union 
Banking Co., Ltd., 

Southampton and Ports- 
mouth. 

Grant, Gillman & Long, 
Portsmouth. 

Greenway, Smith & Green- 
ways, Warwick. 

Grice & Co., Bootle, Cum- 
berland. 

Gundry & Co., Bridport. 

Gurney, Birkbeck, Barclay & 
Buxton, Wisbech, etc. 

Gurney, Round, Green & Co., 
Colchester. 

Gurneys, Alexanders, Birk- 
beck, Barclay, Buxton & 
Kerrison, Ipswich, etc. 

Gurneys, Birkbeck, Barclay 
& Buxton, Fakenham, etc. 

Gurneys, Birkbeck, Barclay 
& Buxton, Norwich, etc. 

Gurneys, Birkbeck, Barclay, 
Buxton & Creswell, Kings 
Lynn, etc. 

Gurneys, Birkbeck, Barclay, 
Buxtons & Orde, Great 
Yarmouth, etc. 

Gurneys, Birkbeck, Barclay, 
Buxtons & Orde, Hales- 
worth, etc. 

Halifax & Huddersfield 
Union Banking Co., Ltd. 

Halifax Commercial Banking 
Co., Ltd. 

Halifax Equitable Bank, 



Halifax Joint Stock Banking 
Co., Ltd. 

Hall, Bevan, West & Bevans, 
Brighton. 

Halstead, Woodbridge & Co., 
Chichester. 

Hammond & Co., New- 
market. 



Now incorporated in 
Bankrupts, 1857. 

Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Liquidation, 1887. 

Bank of Liverpool & 

Martins, Ltd. 
Bankrupts, 1847. 
Barclays Bank, Ltd. 

Barclays Bank, Ltd. 

Barclays Bank, Ltd. 

Barclays Bank, Ltd. 
Barclays Bank, Ltd. 
Barclays Bank, Ltd. 

Barclays Bank, Ltd. 

Barclays Bank, Ltd. 

Lloyds Bank, Ltd. 

Bank of Liverpool & 

Martins, Ltd. 
Union Bank of Manchester 

(af&liatcd with Barclay's 

Bank, Ltd.) 
Lloyds Bank, Ltd. 

Barclays Bank, Ltd. 

Barclays Bank, Ltd 

Barclays Bank, Ltd. 



AMALGAMATIONS 



123 



Former name of Bank 

Hammersleys, Greenwood, 
Drew & Brooks' Bank, 
Pall Mall. 

Hammond, Plumptre, Hilton, 
McMaster & Furley, Can- 
terbury, etc. 

Hampshire Banking Co. 

Hampshire & North Wilts 
Banking Co. 

Hanbury, Lloyds & Co., Lom- 
bard Street, E.C. 

Hancock, W., Wiveliscombe. 

Hankeys & Co., Fenchurch 
Street, E.C. 

Hardcastle, Cross & Co., 
Bolton. 

Harding & Co., Bridlington. 

Hardy & Co., Grantham. 

Harris & Co., Bradford. 

Harris, Bulteel & Co. (Naval 
Bank, Plymouth, etc.) 

Harrison & Co., Knares- 
borough. 

Hart, Fellows & Co., Notting- 
ham. 

Harwood & Co., Thornbury. 



Harwood & 
Clevedon. 



Harwood, 



Harvey, Charles & Son, Long- 
ton, Staffordshire. 

Harvey & Hudsons, Norwich 
Bank. 

Haydon & Smallpiece, 
Guildford. 

Head, G. & G. S., East 
Grinstead. 

Head, J. M. & Co. 

Heath & Co., Andover. 
Hedges, Wells & Co., Walling- 
ford. 



Now incorporated in 

Coutts & Co., affiliated with 
National Provincial & 
Union Bank of England, 
Ltd. 

Lloyds Bank, Ltd. 



Lloyds Bank, Ltd. 
Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

London County Westminster 

& Parrs Bank, Ltd. 
Williams Deacons Bank, Ltd. 

London Joint City & 
Midland Bank, Ltd. 

London Jomt City & 
Midland Bank, Ltd. 

Barclays Bank, Ltd. 

Failed, 1914. 

Barclays Bank, Ltd. 
Lloyds Bank, Ltd. 

National Provincial & 
Union Bank of England, 
Ltd. 

Was incorporated with West 
of England & South Wales 
District Bank, Ltd., which 
failed 1879. 

Stopped payment, 1866. 

Bankrupts, 1870. 
Lloyds Bank, Ltd. 



Liquidation, 1892. 

London Joint City 

Midland Bank, Ltd. 
Lloyds Bank, Ltd. 
Lloyds Bank, Ltd. 



& 



124 



THE BANKERS CLEARING HOUSE 



Former name of Bank 

Helston Banking Co. 
Henty & Co., Worthing. 
Herefordshire Banking Co. 
Herries, Farquhar & Co., 

St. James's Street, S.W. 
Hewitt & Moxon, Towcester. 

Heywood, A., Sons, & Co., 
Liverpool. 

Heywood, Bros. & Co., Man- 
chester, 

Heywood, Kennard & Co., 
Lombard Street, E.C. 

Hill & Sons, Smithfield. E.C. 

Hilton, Rigden & Rigden, 
Faversham. 

Hodge & Co., Devonport. 
Hodgkin, Barnett, Pease, 

Spence & Co., Newcastle- 

on-Tyne, etc. 
Hopkinson, Charles & Sons, 

Regent Street, S.W. 

Hove Banking Co. 

Huddersfield Banking Co., 

Ltd. 
Huddleston & Co., Bury St. 

Edmunds. 
Hughes & Morgan, Brecon. 
Hull & County Bank. 
Hull Banking Co., Ltd. 

Hull District Bank. 

Hull, Smith & Co., Uxbridge. 

Humfrey & Son, Cambridge. 

Imperial Bank, Ltd., Loth- 
bury, E.C. 

Industrial Bank, Ltd., 
Finsbury Square, E.C. 

Ingram, Kennet & Ingram, 
Wakefield. 

International Bank of Lon- 
don, Ltd. 

Isle of Wight Joint Stock 
Bank. Newport, Isle of 
Wight. 



Now incorporated in 

Stopped payment, 1876. 
Lloyds Bank, Ltd. 
Barclays Bank, Ltd. 
Lloyds Bank, Ltd. 

National Provincial & Union 
Bank of England, Ltd. 

Bank of Liverpool & 
Martins, Ltd. 

Williams Deacons Bank, Ltd. 

London County Westminster 

& Parrs Bank, Ltd. 
Lloyds Bank, Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
Barclays Bank, Ltd. 
Lloyds Bank, Ltd. 



National Provincial & 

Union Bank of England, 

Ltd. 
London County W^estminster 

& Parrs Bank, Ltd. 
London Joint City & 

Midland Bank, Ltd. 
Barclays Bank, Ltd. 

Barclays Bank, Ltd. 
Business discontinued, 1879. 
London Joint City & 

Midland Bank, Ltd. 
Liquidation, 1880. 
Barclays Bank, Ltd. 
Closed, 1844. 
London Joint City & 

Midland Bank, Ltd. 
Failed, 1881. 

Barclays Bank, Ltd. 

Liquidation, 1905. 

National Provincial & 
Union Bank of England, 
Ltd. 



AMALGAMATIONS 



125 



Former name of Bank 

Jarvis & Jar vis, King's Lynn. 
Jenner & Co., Sandgate. 
Jennings, E. W., Leek. 

Jones, David & Co., Llan- 
dovery, etc. 

Jones, Loyd & Co., Lothbury, 
E.C. 

Kenrick, S. (Wrexham Bank) . 

Kewney & King, Grantham. 

Kingsbridge Joint Stock 
Bank. 



'Kingslake & Co., Taunton. 

Kinnersley & Sons, New- 
castle-under-Lyme. 

Knapp, Henry, Abingdon & 
Wantage. 

Knaresborough & Claro Bank- 
ing Co., Ltd. 

Kneeshaw, J. E. & Co., 
Liverpool. 

Knight, Jenner & Sons, 
Farnham. 

Lacons, Youell & Kemp, 
Yarmouth, etc. 

La Coste & Co., Chertsey. 

Lacy, Hartland, Wood- 
bridge & Co., West Smith- 
field, E.C. 

Lambton & Co., Newcastle- 
on-Tyne, etc. 

Lancaster Banking Company. 



Latham & Co. (Dover Union 
Bank). 

Leamington Priors & War- 
wickshire Bank, Ltd. 

Leatham, Tew & Co., Wake- 
field and Pontefract. 

Ledgard & Sons, Town & 
County of Poole Bank and 
Ringwood & Poole Bank, 



Now incorporated in 

Barclays Bank, Ltd. 

Lloyds Bank, Ltd. 

London County Westminster 

& Parrs Bank, Ltd. 
Lloyds Bank, Ltd. 

London County Westminster 
& Parrs Bank, Ltd. 

Bankrupt, 1848. 

Bankrupts, 1848. 

Merged into West of Eng- 
land & South Wales Dis- 
trict Bank, 1862, which 
failed in 1879. 

London County Westminster 
& Parrs Bank. Ltd. 

National Provincial & 
Union Bank of England, 
Ltd. 

Bankrupt, 1847. 

National Provincial & 
Union Bank of England, 
Ltd. 

Retired from business. 

Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Barclays Bank, Ltd. 
London Joint City & 
Midland Bank, Ltd. 

Lloyds Bank, Ltd. 

Manchester & Liverpool 
District Banking Company, 
Ltd. 

Bankrupts, 1846 

London Joint City & 

Midland Bank, Ltd. 
Barclays Bank, Ltd. 

Stopped payment, 186L 



126 



THE BANKERS CLEARING HOUSE 



Former name of Bank 

Lechmere, Isaac, Martin & 

Co., Tewkesbury. 
Leeds & County Bank, Ltd. 

Leeds & West Riding Joint 
Stock Banking Company. 

Leeds Commercial Joint 
Stock Bank. 

Leeds Joint Stock Bank, 
Ltd. 

Leicestershire Banking Com- 
pany, Ltd. 
Ley & Co., Bideford Old Bank. 



Leyland & BuUins, Liverpool. 

Lincoln & Lindsey Banking 
Co., Ltd. 

Little & Woodcock, Coventry 
Bank. 

Liverpool Commercial Bank- 
ing Company, Ltd. 

Liverpool Exchange Banking 
Company, Ltd. (late 
Schelp, Smith & Co.). 

Liverpool Union Bank, Ltd. 

Lloyds & Co., Birmingham 
Old Bank. 

Lloyds Banking Company, 
Ltd. 

Lloyds, Barnett & Bosanquets 
Bank, Ltd. 

Lock, Hulme & Co., Pembroke. 

Locke, Tugwell & Meek, 
Devizes. 

Lomas, Jackson & Co., Man- 
chester. 

London & County Banking 
Company, Ltd. 

London & District Bank, 
Ltd., Old Broad Street, 
E.C. 

London & General Bank, 
Ltd., Budge Row, E.C. 

London & Lancashire Bank. 



Now incorporated in 
Lloyds Bank, Ltd. 

London Joint City & 

Midland Bank, Ltd. 
Dissolved, 1846. 

Dissolved, 1847. 

Taken over by London & 

Northern Bank, which 

stopped payment, 1899. 
London Joint City & 

Midland Bank, Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
London Joint City & 

Midland Bank, Ltd. 
London Joint City & 

Midland Bank, Ltd. 
London Joint City & 

Midland Bank, Ltd. 
Bank of Liverpool & 

Martins, Ltd. 
Liquidation, 1887. 

Lloyds Bank, Ltd. 
Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Barclays Bank, Ltd. 
Lloyds Bank, Ltd. 

Ceased to exist, 1905, 

London County Westminster 

& Parrs Bank, Ltd. 
Liquidation, 1901. 

Liquidation, 1892. 

Lancashire & Yorkshire 
Bank, Ltd. 



AMALGAMATIONS 



127 



Former name of Bank 
London & Midland Bank, Ltd. 

London & Middlesex Bank, 

Ltd. 
London & Northern Bank, 

Ltd. 
London & North Western 

District Bank, Ltd., New 

Broad Street, E.G. 
London & Provincial Bank, 

Ltd. 
London & South Western 

Bank, Ltd. 
London & Westminster Bank, 

Ltd. 
London & Yorkshire Bank, 

Ltd. 
London Banking Association, 

Ltd., Old Broad Street, 

E.G. 
London Commercial & 

Cripplegate Bank, Ltd. 

London Gity & Midland Bank, 
Ltd. 

London Gounty & Westmin- 
ster Bank, Ltd. 

London Joint Stock Bank, 
Ltd. 

London Provincial & South 
Western Bank, Ltd. 

Loyd, Entwisle, Bury & 
Jervis, Manchester. 

Loveband & Go., Torrington. 

Ludlow & Tenbury Bank. 

Macfayden, P. & Go., Win- 
chester. 

Machell, Peases & Hoare, 
Beverley. 

Mackie, Davidson & Glad- 
stone, Carlisle. 

McLean & Go., James, 
Pembroke Dock. 

Maddison, Atherley, Hankin- 
son & Darwin, Southamp- 
ton. 



Now incorporated in 

London Joint Gity & 
Midland Bank, Ltd. 

London Gounty Westminster 
& Parrs Bank, Ltd. 

Stopped payment, 1899. 

Liquidation, 1894. 



Barclays Bank, Ltd. 
Barclays Bank, Ltd. 

London Gounty Westminster 

& Parrs Bank, Ltd. 
National Provincial & Union 

Bank of England, Ltd. 
Liquidation, 1892. 



National Provincial & 

Union Bank of England, 

Ltd. 
London Joint Gity & 

Midland Bank, Ltd. 
London Gounty Westminster 

& Parrs Bank, Ltd, 
London Joint Gity & 

Midland Bank, Ltd. 
Barclays Bank, Ltd. 

Manchester & Liverpool 
District Banking Company, 
Ltd. 

National Provincial & Union 
Bank of England, Ltd. 

Lloyds Bank, Ltd. 

Suspended payment, 1906. 



Barclays Bank, Ltd. 

Bank of Liverpool 

Martins, Ltd. 
Barclays Bank, Ltd. 

Lloyds Bank, Ltd, 



& 



128 



THE BANKERS CLEARING HOUSE 



Former name of Bank 

Manchester & Oldham Bank, 

Ltd. 
Manchester & Salford Bank, 

Ltd. 
Manchester Joint Stock 

Bank. Ltd. 
Manx Bank, Ltd. 

Mar, Walter del, & Co., Old 

Broad Street, E.G. 
Marten. Part & Co., St. 

Albans. 
Martin & Co., 68 Lombard 

Street, E.C. 
Martin's Bank, Ltd. 

Marshall & Harding, Barn- 
staple. 

Matthews, F. H. & Co., Here- 
ford City and County Bank. 

Mellersh & Co., Godalming. 

Mercantile Bank of Lanca- 
shire, Ltd. 

Merchant Banking Compan3^ 
Ltd., Cannon Street, E.C. 

Metropolitan & Birmingham 
Bank, Ltd. 

Metropolitan Bank (of Eng- 
land & Wales), Ltd. 

Metropolitan, Birmingham, 
and South Wales Bank, Ltd. 

Middleton, Cradock & Middle- 
ton, Loughborough. 

Midland Banking Company, 
Ltd. 

Midland Counties & District 
Bank, Ltd. 

Milbanke, Woodbridge & Co., 
Chichester. 

Miles. Cave, Baillie & Co., 
Bristol. 

Milford, Snow & Co., Exeter. 



Mills, Bawtree, Dawnay, Cur- 
zon & Co., Colchester, etc. 
Moger & Son, Bath. 



Now incorporated in 
Failed, 1884. 

Williams Deacons Bank, Ltd. 

London joint City & 
Midland Bank. Ltd. 

Lancashire & Yorkshire 
Bank, Ltd. 

Firm dissolved, 1898. 

Barclays Bank, Ltd. 

Bank of Liverpool & 

Martins. Ltd. 
Bank of Liverpool & 

Martins, Ltd. 
Fox. Fowler & Co. 

Stopped payment, 1863. 

Lloyds Bank, Ltd. 
Lancashire & Yorkshire 

Bank, Ltd. 
Voluntary liquidation, 1906. 

London Joint City & 
Midland Bank, Ltd. 

London Joint City & 
Midland Bank, Ltd. 

London Joint City & 
Midland Bank, Ltd. 

Stopped payment, 1878. 

Barclays Bank. Ltd. 
Barclays Bank, Ltd. 
Barclays Bank, Ltd. 

National Provincial & Union 
Bank of England, Ltd. 

National Provincial & 
Union Bank of England, 
Ltd. 

Liquidation,' 1891. 

National Provincial & Union 
Bank of England, Ltd. 



AMALGAMATIONS 



129 



Former name of Bank 

Moilliet & Sons, Birmingham. 
Molineux, Whitfeld & Co., 

Lewes, etc. 
Money Order Bank, Ltd., 

King William Street, E.G. 
Moore, W. Stone 



Moore & Robinson's Notting- 
hamshire Banking Com- 
pany, Ltd. 

Moores, W., Bank, Hove 



Morgan & Adams, Hereford, 
Ross & Archenfield Bank. 

Morrell, J. & R., Oxford Bank. 

Morris, David & Sons, 
Carmarthen. 

Mortlock & Co., Ltd., Cam- 
bridge. 
Moxon & Percival. Towcester. 



Nash & Neale, Reigate & 

Dorking Bank. 
Nash, Thomas & Sons, Man- 
chester. 
National Bank of Liverpool, 

Ltd. 
National Bank of Wales, 

Ltd. 
National Mercantile Bank, 

Ltd., Russell Street, W.C., 

etc. 
National Provincial Bank of 

England, Ltd. 

Newcastle, Shields & Sunder- 
land Union Joint Stock 
Bank. 

Nicholls, Baker & Crane, 
Bewdley. 

Northamptonshire Banking 
Company, Ltd. 

Northamptonshire Union 
Bank, Ltd. 

9— (1776) 



Now incorporated in 

Lloyds Bank, Ltd. 
Barclays Bank, Ltd. 

Failed, 1883. 

National Provincial & 
Union Bank of England, 
Ltd. 

Lloyds Bank, Ltd. 



National Provincial & 

Union Bank of England, 
Ltd. 

Bankrupts, 1863. 

Closed, 1851. 

National Provincial & 

Union Bank of England, 

Ltd. 
Barclays Bank, Ltd. 

National Provincial & 
Union Bank of England, 
Ltd. 

Bankrupts, 1850. 

Liquidation, 1894. 

London County Westminster 
& Parrs Bank, Ltd. 

London Joint City & 
Midland Bank, Ltd. 

Ceased to exist. 1881. 



National Provincial & 
Union Bank of England, 
Ltd. 

Dissolved, 1848. 



London Joint City & 

Midland Bank, Ltd. 
Lloyds Bank, Ltd. 

National Provincial & Union 
Bank of England, Ltd. 



130 



THE BANKERS* CLEARING HOUSE 



Former name of Bank 

North & South Wales Bank, 
Ltd., Liverpool, etc. 

North Eastern Banking Com- 
pany, Ltd., Newcastle-on- 
Tyne, etc. 

Northern Counties Bank, 
Ltd., Newcastle-on-Tyne. 

North Devon Bank. 

North Kent Bank, Black- 
heath. 

North Western Bank, Ltd., 
Liverpool. 

North Wilts Banking Com- 
pany. 

Nottingham & District Bank, 
Ltd. 

Nottingham Joint Stock 
Bank, Ltd. 

Nottingham & Nottingham- 
shire Banking Company, 
Ltd. 

Nunn & Co., Manningtree 
& Colchester. 

Oak & Snow, Blandford 
Bank. 

Oakes, Bevan, Tollemache & 
Co., Bury St. Edmunds, 
etc. 

Oldham Joint Stock Bank, 
Ltd. 

Paget & Co., Leicester. 

Palatine Bank, Ltd., Man- 
chester. 

Palmer & Green, Lichfield. 

Pares 's Leicestershire Bank- 
ing Company, Ltd. 

Parrs Bank, Ltd. 

Parrs Banking Company, 
Ltd. 

Parrs Banking Company 
and The Alliance Bank, 
Ltd. 

Parsons & Co. (Radnor- 
shire Bank) . 

Parsons, Thomson & Co., 
Oxford. 



Now incorporated in 

London Joint City & 
Midland Bank, Ltd. 

Bank of Liverpool & 
Martins, Ltd. 

Failed, 1881. ^ 

National Provincial & Union 

Bank of England, Ltd. 
Barclays Bank, Ltd. 

London Joint City & 

Midland Bank, Ltd. 
Lloyds Bank, Ltd. 

Barclays Bank, Ltd. 

London Joint City & 
Midland Bank, Ltd. 

London County Westminster 
& Parrs Bank, Ltd. 

London County Westminster 

& Parrs Bank, Ltd. 
Bankrupts, 1858. 

Lloyds Bank, Ltd. 



London Joint City & 

Midland Bank, Ltd. 
Lloyds Bank, Ltd. 
Bank of Liverpool & 

Martins, Ltd. 
Bankrupts, 1855. 
London County Westminster 

& Parrs Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 

Lloyds Bank, Ltd. 
Barclays Bank, Ltd. 



131 



Former name of Bank 

Peacock, Willson & Co., 
Sleaford, etc. 

Pease & Sons, Beverley and 
Hull. 

Pease, J. & J. W., Dar- 
lington. 

Pease's Old Bank, Hull. 

Peckover, Harris & Co., 
Bradford (became Brad- 
ford Old Bank, 1864). 

Phelps & Co., Crewkerne. 

Pinckney, Bros., Salisbury. 

Pomfret, Burra & Co., Ash- 
ford. 

Praeds & Co., Fleet Street, 
E.C. 

Prescott, Cave, Buxton, 
Loder & Co., Thread- 
needle Street, E.C. 

Prescott, Dimsdale, Cave, 
Tugwell & Co., Ltd., 
Cornhill, E.C. 

Prescott 's Bank, Ltd., 
Cornhill, E.C. 

Preston Banking Company, 
Ltd. 

Preston Union Bank, Ltd. 

Pretor & Co., Sherborne. 

Pritchard, Gordon & Co., 
Broseley & Bridgnorth. 

Provincial Banking Corpora- 
tion. 

Pugh, Jones & Co., Pwllheli. 

^ ^ <Ji Ransom, Bouverie & Co., 

Pall Mall, S.W. 
Rees, I. & Co., Liverpool 
Reeves & Porch, Wells, 

etc. 
Reid & Co., Nevile, Windsor. 
Richards & Co., Llangollen. 

Ricketts, Thome, Wait & 
Co. (the Castle Bank), 
Bristol. 






Now incorporated in 
Lloyds Bank, Ltd. 

Barclays Bank, Ltd. 

Barclays Bank, Ltd. 

Barclays Bank, Ltd. 
Barclays Bank, Ltd. 



London County Westminster 

& Parrs Bank, Ltd. 
Lloyds Bank, Ltd. 
Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

National Provincial & 

Union Bank of England, 

Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
National Provincial & Union 

Bank of England, Ltd. 
London Joint City & 

Midland Bank, Ltd. 
Lancashire & Yorkshire 

Bank, Ltd. 
National Provincial & Union 

Bank of England, Ltd. 
Lloyds Bank, Ltd. 



Barclays Bank, Ltd. 

London Joint City 

Midland Bank, Ltd. 
Barclays Bank, Ltd. 



& 



Suspended payment, 1880. 
London County Westminster 

& Parrs Bank, Ltd. 
Barclays Bank, Ltd. 
National Provincial & Union 

Bank of England, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 



132 



THE BANKERS CLEARING HOUSE 



Former name of Bank 

Ridgway & Soijs, Waterloo 

Place, S.W. 
Robarts, Lubbock & Co. 



Robertson, Fraser & Co., 
Manchester. 

Robin, Bros., Jersey (Jersey 
Commercial Bank). 

Robins, Foster & Co., 
Liskeard. 

Rochdale Joint Stock 
Bank, Ltd. 

Rocke, Eyton & Co., 
Shrewsbury. 

Roper & Priestman, Rich- 
mond, Yorks. 

Round, Green & Co., Colches- 
ter. 

Royal Exchange Bank, Ltd. 

Royds, Clement & Co., 
Rochdale. 

Rufford & Co., Bromsgrove 
& Stourbridge Banks. 

Saddleworth Banking Com- 
pany. 

St. Barbe & Co., Lyming- 
ton. 

Salvation Army Bank. 

Sanders & Co., Exeter. 



Sanders, Snow & Co., Exeter. 



Schelp, Smith & 
Liverpool. 



Co. 



Scott, Sir Samuel, Bart., & 
Co., Cavendish Square, W. 

Sealey & Co., Bridgwater 
Bank. 

Sewell & Nephew, Manches- 
ter. 

Se5rmour & Co., Basingstoke. 



Now incorporated in 
Liquidation, 1885. 

Coutts & Co., affiliated with 
National Provincial & 
Union Bank of England, 
Ltd. 

London Joint City & 
Midland Bank, Ltd. 

London County Westminster 
&. Parrs Bank, Ltd. 

Barclays Bank, Ltd. 

London Joint City & 

Midland Bank, Ltd. 
Lloyds Bank, Ltd. 

Barclays Bank, Ltd. 

Barclays Bank, Ltd. 

London Joint City & 

Midland Bank, Ltd. 
Williams Deacons Bank, Ltd. 

Bankrupts, 1851. 

Manchester & County 

Bank, Ltd. 
Lloyds Bank, Ltd. 

Reliance Bank, Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
Liquidation, 1887, as Liver- 
pool Exchange Banking 

Company, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
Lloyds Bank, Ltd. 

Union Bank of Manchester, 
Ltd., affiliated with Bar- 
clays Bank, Ltd. 

Lloyds Bank, Ltd. 



AMALGAMATIONS 



133 



Former name of Bank 

Shank, John, Metropolitan 

Cattle Market, E.G. 
Sharpies, Tuke, Lucas & 

Seebohm, Hitchin, etc. 
Sheffield & Hallamshire Bank, 

Ltd. 
Sheffield & Retford Joint 

Stock Bank. 
Sheffield & Rotherham Joint 

Stock Banking Company, 

Ltd. 
Sheffield Banking Co., Ltd. 



Sheffield Union Banking 

Company, Ltd. 
Shilson, Coode & Co., St. 

Austell. 
Shropshire Banking Company. 
Shrubsole & Company, 

Kingston-on-Thames . 
Simonds, J. & C, & Co., 

Reading. 
Simpson & Co., Peterboro'. 
Simpson, Chapman & Co., 

Whitby. 
Skinner & Co., Stockton 

and Darlington. 

Slocock, Matthews, Southby 
& Slocock, Newbury. 

Smith & Whittingstall, 
Hemel Hempstead. 

Smith, Ellison & Co., 
Lincoln, etc. 

Smith, Hilder & Co., Hastings 

Old Bank. 
Smith, Payne & Smiths, 

Lombard Street, E.C. 
Smith, Marten & Co., St. 

Albans. 
Smith, Samuel & Co., Derby, 

Newark & Nottingham. 

Smith, Samuel, Bros. & Co., 
Hull. 



Now incorporated in 
Ceased business, 1894. 

Barclays Bank, Ltd. 

London Joint City & 

Midland Bank, Ltd. 
Closed, 1848. 

Williams Deacons Bank, Ltd. 



National Provincial & 

Union Bank of England, 

Ltd. 
London Joint City & 

Midland Bank, Ltd. 
National Provincial & Union 

Bank of England, Ltd. 
Lloyds Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
Barclays Bank, Ltd. 

Barclays Bank, Ltd. 
Barclays Bank, Ltd. 

National Provincial & 
Union Bank of England, 
Ltd. 

Lloyds Bank, Ltd. 

Bankrupt, 1856. 

National Provincial & 
Union Bank of England, 
Ltd. 

Bankrupt, 1857. 

National Provincial & Union 

Bank of England, Ltd. 
Barclays Bank, Ltd. 

National Provincial & 

Union Bank of England, 

Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 



134 



THE BANKERS CLEARING HOUSE 



Former name of Bank 

Smead & Co., Chepstow Old 

Bank. 
Southern District Banking 

Company, Newport, Isle 

of Wight. 
Southport & West Lancashire 

Banking Company, Ltd. 



South Wales Union Bank, 

Ltd. 
Sparks & Co., Crewkerne. 

Sparrow, Tufnell & Co., 
Chelmsford, etc. 

Spooner, Attwood & Co., 
Gracechurch Street, E.C. 

Staffordshire Joint Stock 
Bank. Ltd. 

Stamford, Spalding & Boston 
Banking Co., Ltd., Stam- 
ford, etc. 

Standard, The, Bank of Lon- 
don, Ltd., Lombard Street, 
E.C. 

Stephens, Blandy, Barnett, 
Butler & Co., Reading. 

Stevenson, Salt & Co., 
Stafford. 

Stockton & Durham County 
Bank, Stockton and 
Guisborough. 

Storey & Thomas, Shaftes- 
bury. 

Storey, John S., St. Albans 
Bank. 

Stourbridge & Kiddermin- 
ster Banking Company. 

Strahan, Paul & Bates. 

Stuckey's Banking Company, 

Ltd., Taunton, etc. 
Suffolk Joint Stock Banking 

Company. 
Swaledale & Wensleydale 

Banking Company, Ltd. 
Swann, Clough & Co., 

York. 



Now incorporated in 
Stopped payment, 1866. 

Lloyds Bank, Ltd. 



Went into liquidation — 
premises purchased by Man- 
chester & Liverpool District 
Banking Company, Ltd. 

London Joint City & 
Midland Bank, Ltd. 

London County Westminster 
& Parrs Bank, Ltd. 

Barclays Bank, Ltd. 

Barclays Bank, Ltd. 

London Joint City & 

Midland Bank, Ltd. 
Barclays Bank, Ltd. 



Failed, 1882. 

Lloyds Bank, Ltd. 
Lloyds Bank, Ltd. 

National Provincial & 
Union Bank of England, 
Ltd. 

Lloyds Bank, Ltd. 

Bankrupt, 1848. 

London Joint City & 
Midland Bank, Ltd. 

London County Westminster 
& Parrs Bank, Ltd. 

London County Westminster 
& Parrs Bank, Ltd. 

Dissolved, 1845. 

Barclays Bank, Ltd. 
Failed, 1879. 



AMALGAMATIONS 



135 



Former name of Bank 
Swansea Bank, Ltd. 

Tanner & Co., Marlborough. 
Taylor & Sons, Bakewell. 

Towgood & Co., Cardiff 
Bank. 



Three Towns Banking 
Company, Ltd. 

Tice & Welch, Plymouth 
etc., Christchurch Bank. 

Trapp & Co., Bedford 
& Bedfordshire Banking 
Company. 

Tubb & Co., Bicester. 

Tufnell, Falkner & Falkner, 
Bath. 

Tugwell, Brymer & Com- 
pany, Bath. 

Tweedy, Williams & Co., 

Truro. 
Twining, Richard & Co., 

Strand, W.C. 
Union Bank of Birmingham, 

Ltd. 
Union Bank of London, 

Ltd., Princes Street, E.C., 

etc. 
Union Bank of Manchester, 

Ltd. 
Union Bank of Preston, 

Ltd. 
Union of London & Smiths 

Bank, Ltd. 

United Counties Bank, Ltd. 
Unity Joint Stock Bank. 

Vallance & Payne, Sitting- 
bourne. 

Veasey, Desborough & Co., 
Huntingdon, etc. 

Vivian, Grylls, Kendall & 
Co., Helston. 



Now incorporated in 

London Joint City & 
Midland Bank, Ltd. 

Closed, 1853. 

London County Westminster 
& Parrs Bank, Ltd. 

Incorporated with West of 
England & South Wales 
District Banking Com- 
pany, 1855, which failed 
in 1879. 

Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 
Closed. 1849. 



Barclays Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
Failed. 1879. 

Lloyds Bank, Ltd. 

London Joint City & 

Midland Bank, Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
Affiliated with Barclays 

Bank, Ltd. 
Lancashire & Yorkshire 

Bank, Ltd. 
National Provincial & 

Union Bank of England, 

Ltd. 
Barclays Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
Bank of Liverpool & 

Martins, Ltd. 
Barclays Bank, Ltd. 

FaUed. 1879. 



136 



THE BANKERS CLEARING HOUSE 



Former name of Bank 

Vivian, Kitson & Co., 

Torquay. 
Wakefield & Barnsley Union 

Bank, Ltd. 
Wakefield, Crewdson & 

Co., Kendal, etc. 
Wallis & Hewitt, Towces- 

ter. 
Walters, J. & W., Haverford- 
west, etc. 
Walters, Waldron, Timbrell 

& Barton, Frome. 
Ward, Merriman & Co., 

Marlborough. 
Warwick & Leamington 

Banking Company. 
Watson, William & Co., 

Waterloo Place, S.W. 
Watts & Co., Teignmouth, 

etc. 
Webb & Co., Ledbury. 
Wells, Hogge & Lindsell, 

Baldock. 
Western Counties Bank, 

Ltd., Liskeard. 
Western District Bank, 

Ltd., Barrow-in-Furness. 
West London Commercial 

Bank, Ltd., Sloane Square, 

S.W. 
West of England & South 

Wales District Bank, 

Ltd., Bristol, etc. 
West Riding Union Bank- 
ing Company, Ltd. 
West Yorkshire Bank, Ltd. 
Western District Joint 

Stock Banking Company. 
Wheeler, Thomas & Co., 

High Wycombe. 
Whitchurch & Ellesmere 

Banking Co., Ltd. 
Whitehaven Joint Stock 

Banking Company, Ltd. 
Whitmarsh & White, Yeovil. 

Whitworth, Wallis & Hewitt, 
Towcester. 



Now incorporated in 
Lloyds Bank, Ltd. 

Barclays Bank, Ltd. 

Bank of Liverpool & 

Martins, Ltd. 
National Provincial & Union 

Bank of England, Ltd. 
Barclays Bank, Ltd. 

London County Westminster 

& Parrs Bank, Ltd. 
Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Stopped payment, 1904. 

Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 
Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Liquidation, 1879. 

Liquidation, 1879. 

Failed, 1879. 

Lancashire & Yorkshire 

Bank, Ltd. 
Lloyds Bank, Ltd. 
Dissolved, 1844. 

Lloyds Bank, Ltd. 

Liquidation , 1 88 1 . 

London County Westminster 

& Parrs Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 
National Provincial & Union 

Bank of England, Ltd. 



AMALGAMATIONS 



137 



Former name of Bank 

Wickham & Co., Winchester 
& Hampshire Bank. 

Wigan, Mercer, Tasker 
& Co., Maidstone. 

Wilkins & Co., Brecon, 
Cardiff, etc. 

Wilkinson Sc Kendall, 
Leeds. 

Williams & Co., Chester. 

Williams & Sons, Mer- 
ionethshire Bank. 

Williams & Sons, Newport 
Old Bank. 

WilUams, Deacon & Manches- 
ter & Salford Bank, Ltd. 

Williams, Deacon, Thornton 
& Co., Birchin Lane, E.C. 

Williams, P.&H . , Wednesbury . 

Williams, R. & R., Thornton 
Sykes 8c Co., Dorchester, 
etc. 

Williams, Williams & 
Grylls, Falmouth. 

Willis, Percival & Co., Lom- 
bard Street, E.C. 



Willyams, Treffry & Co., 

St. Austell. 
Willyams, Willyams & Co., 

Truro. 
Wilson & Son, Alfreton. 

Wilts & Dorset Banking 
Co., Ltd. 

Wolverhampton & Stafford- 
shire Banking Company, 
Ltd. 

Woodall, Hebden & Co., 
Scarborough. 

Woodbridge, Lacy, Hart- 
land, Hibbert & Co., 
Uxbridge. 

Woodcock, Thomas, Sons & 
Eckersley, Wigan. 

Woodland & Co., Bridg- 
water. 



Now incorporated in 
Lloyds Bank, Ltd. 

National Provincial & Union 

Bank of England, Ltd. 
Lloyds Bank, Ltd. 

Business discontinued, 1879. 



Lloyds Bank, Ltd. 
London Joint City 

Midland Bank, Ltd. 
Bankrupts, 1851. 



8c 



Williams Deacons Bank, 

Ltd. 
Williams Deacons Bank, 

Ltd. 
Lloyds Bank, Ltd. 
Lloyds Bank, Ltd. 



Barclays Bank, Ltd. 

Stopped payment, 1878. 
Business acquired by 
Capital & Counties Bank, 
now incorporated with 
Lloyds Bank, Ltd. 

Barclays Bank, Ltd. 

Barclays Bank, Ltd. 

London County Westminster 

& Parrs Bank, Ltd. 
Lloyds Bank, Ltd. 

Barclays Bank, Ltd. 



Barclays Bank, Ltd, 
Barclays Bank, Ltd. 



London County Westminster 

& Parrs Bank, Ltd. 
London County Westminster 

& Parrs Bank, Ltd. 



138 



THE BANKERS CLEARING HOUSE 



Former name of Bank 

Woods & Co., Newcastle, 

etc, 
Wootten & Co., Oxford. 
Worcester City & County 

Banking Company, Ltd. 
Wright, I. & I. C. & Co., 

Nottingham. 
Wylde & Co., Southwell 

Bank. 
Wynne & Son, Lincoln's 

Inn Fields. 
Yates, Edward W. & Co., 

Liverpool. 

York City & County 
Banking Company, Ltd. 

Yorke, B. & Co., Peter- 
borough. 

Yorkshire & Cleveland 
Bank. 

Yorkshire Banking Co., 
Ltd. 

York Union Banking Com- 
pany, Ltd. 

Young & Son, Southwark. 



Now incorporated in 
Barclays Bank, Ltd. 

Barclays Bank, Ltd. 
Lloyds Bank, Ltd. 

Lloyds Bank, Ltd. 

Stopped payment, 1874. 

Liquidation, 1895. 

Union Bank of Manchester, 
Ltd., affiliated with Bar- 
clays Bank, Ltd. 

London Joint City & 
Midland Bank, Ltd. 

Stopped payment, 1861. 

Business discontinued, 1885. 

London Joint City & 

Midland Bank, Ltd. 
Barclays Bank, Ltd. 

London County Westminster 
& Parrs Bank, Ltd. 



CHAPTER VIII 



PROVINCIAL CLEARINGS 



Hitherto the London Clearing House alone has been 
dealt with. There are, however, local Clearings in 
provincial cities and towns ; in fact, all towns where 
business is of sufficient importance have some system 
of exchange. The methods adopted vary according 
to circumstances ; for the most part these exchanges 
are confined to the area of the town. In some cases 
they extend to the suburbs and in a few the limit is the 
county. 

In many of the smaller towns this Clearing is more 
in the nature of a weekly settlement of daily collections 
between banker and banker. A draft on London is 
given by the debtor bank for the balance due on the 
week's exchange. In towns where there are four or 
five banks, a daily meeting is arranged at the office of 
one of them, where a clearing takes place and a settle- 
ment between them is made, the final payment for 
which is also met by a draft on London. In order 
that the responsibility may be equally shared, the 
venue is changed from time to time, the banks generally 
taking annual turns in rotation. 

In cities and large towns where there are numerous 
banks and branches extending far into the suburbs, 
a regular Clearing is established, varying slightly from 
the London system. 

In those towns where the Bank of England has a 
branch, the venue is a room in the Bank of England, 
and the -manager is one of the staff of the Bank of 
England. 

The settlement is made by transfer as in the London 
Clearing. 

139 



140 THE BANKERS' CLEARING HOUSE 

In other large centres where the Bank of Eng- 
land has no branch, the management is undertaken 
by the bank where the Clearing is conducted for the 
time being, or by mutual arrangement by a member 
of the staff of one of the other banks interested. 

The most important of the Provincial Clearings 
are : Manchester, Liverpool, and Birmingham, and it 
will be interesting to study these in their respective 
order. 

The Association of Manchester Clearing 
Bankers was established in 1872. The following is 
a list of the original members — 

Bank of England. 

Heywood, Bros. & Co. (afterwards amalgamated with 
Manchester & Salford Bank, now known as Williams Deacons 
Bank, Ltd.). 

Cunliffes, Brooks & Co. (amalgamated with Lloyds Bank, 
Ltd.). 

Consolidated Bank (amalgamated with Parr's Bank, now 
London County Westminster & Parrs Bank, Ltd.). 

Manchester & Liverpool District Banking Co., Ltd. 

National Provincial Bank of England (now known as 
National Provincial & Union Bank of England, Ltd.). 

Union Bank of Manchester (Barclays Bank, Ltd., now 
hold a controlling number of shares). 

Manchester & Salford Bank, Ltd. (amalgamated with 
Williams Deacons Bank, Ltd.). 

Manchester & County Bank, Ltd. 

Robertson, Eraser & Co. (now merged in the London 
Joint City & Midland Bank, Ltd.). 

Lancashire & Yorkshire Bank, Ltd. 

James Sewell & Nephew (amalgamated with Union Bank of 
Manchester). 

Adelphi Bank, Ltd. (amalgamated with Lancashire & 
V^orkshire Bank, Ltd.). 

The following banks have since been added : Bank 
of British West Africa ; Bank of Liverpool and Martins, 
Limited ; Barclays Bank, Limited ; and National 
Bank, Limited. 

Of the Provincial Clearings the Manchester Clearing 
must claim first position in importance. The amounts 



passing through are considerable. The total reached 
in 1919 was £946,000,000 as compared with £72,000,000 
in 1873, the first complete year. The fluctuations in 
the yearly totals generally agree with the fluctuations 
of the London Clearing. There are a few instances 
both of increase and of decrease where this is not the 
case, but these instances are rare, and the fact that the 
differences are never sustained over a period of years 
indicates that the tendency is always in the same 
direction. 

There is little doubt that the figures of the Provin- 
cial Clearings are valuable as gauging the state of trade 
in the particular localities they represent. War 
finance has affected them, but, allowing for this, they 
still remain an index of the spending power of the 
district. 

From a list given below it will be noticed that a 
uniform area of branches collected in the Manchester 
Clearing is not observed. Thus we have Barclays 
and the National Provincial collecting Manchester 
only, the Bank of England and the Bank of British 
West Africa include Manchester and Liverpool, while 
the others extend their areas in varying degrees. 
Provision is made under Rules V, VI, and VII for 
varying the time allowed for unpaids according to 
the time required for collection. 

Due bills domiciled at Manchester head offices and 
town branches are allowed to pass through this 
Clearing, but not those domiciled in the outer branches. 

Cheques and dividend warrants payable at these 
outer branches are alone received and are treated 
in much the same way as the London Country Cheque 
Clearing, with this exception, that a provisional 
payment is made on the day of presentation, whereas 
in the London Country Cheque Clearing, payment 
does not take place until authority is given by the bank 
or branch on whom the cheques are drawn. 



142 THE bankers' clearing house 

There is a slight difference in the method of deahng 
with the charges from that adopted by the London 
Clearing House. The Manchester system is for the 
*' Out " Clearers to hand to the " In " Clearers a list 
of amounts claimed, with the drafts. These lists are 
prepared in duplicate at the bank's offices beforehand, 
and are roughly checked by looking down and recasting 
by the *' In " Clearer. The total is then accepted as 
correct and is entered on a form provided for the 
purpose (see page 150). 

It will be noticed that columns are provided for 
first and second clearings, and that totals, not balances, 
are entered in each. 

The final position of course is ascertained by striking 
the balance at the end of the day, and a transfer on 
the Bank of England is handed to the Inspector as 
in the London Clearing. 

The question may here arise as to the merits of the 
two systems. There is no doubt that the vastness of 
the work passing through the London Clearing demands 
a closer check than is the case with the Provincial 
Clearings. This, combined with the fact that the 
London Clearing is constantly being fed by small 
deliveries of charges and is always working against 
time, whereas the Provincial Clearings content them- 
selves with single charges for each separate Clearing, 
renders the position entirely different. 

It has been pointed out that the entries in the 
" Out " Clearing in the London system are now 
greatly reduced by the adoption of the " Parcel " 
system, and that the entering in detail on the " In " 
side has proved an efficient check. It must therefore 
be claimed that that which may be suitable to 
Manchester is not suitable to London. 



PROVINCIAL CLEARINGS 



143 



ASSOCIATION OF 
MANCHESTER CLEARING BANKERS 
Rules 

1. The representatives of the above banks shall form a 
committee, to be summoned once in twelve months by one of 
the agents of the Bank of England, as Chairman, in order to 
discuss matters affecting the banking community. A meeting 
shall be called at any time on the requisition of three members, 
specifying the question to be submitted. 

2. No new member shall be admitted except by vote of 
the Committee. 

3. There shall be two Clearings, viz., at 11.15 a.m. and at 
2.15 p.m. on all ordinary days of business, except Saturdays, 
when the Clearing shall be at 11.15 a.m. 

The Clearing House shall be open daily from 9.50 to 10 a.m. 
(Saturdays and half-holidays 9.30 to 9.40 a.m.) for the exchange 
of cheques. 

4. The business of the Clearing House shall be conducted 
under the control of an officer appointed by the Bank of 
England. 

5. In case of the non-payment of any article it shall be 
returned to the bank which has passed it through, within 
an hour and three-quarters from the close of the first Clearing, 
and within an hour from the close of the second Clearing, and 
be exchanged for a Debit Note, to be passed through the next 
Clearing following such return. If the return be made after 
the second Clearing, a cheque on the Bank of England may be 
given in exchange. 

6. Cheques on Branches within the Boundary [i.e., within one 
mile and a half from the centre of St. Ann's Square, measured 
as for the cab fares) shall be passed through the Clearing 
provisionally, subject to return within one hour after the close 
of the following Clearing, against a Debit Note to be passed 
through the next Clearing following such return ; but cheques 
on such branches which shall be passed through on Saturdays, 
or other half-holidays, shall be subject to return not later ihan 
one hour after the close of the first Clearing on the first following 
working day. 

7. Cheques on Country Branches of Clearing Banks shall be 
passed through the Clearing provisionally, subject to return. 
Returns must be made in course of post direct to the office of 
origin, viz.. Head Office Branch or Remitting Bank whose 
crossing they bear, and be accounted for in the next Clearing 
on presentation of a slip signed by the returning Bank. 

The attention of Managers of Country Branches of Clearing 
Banks is specially directed to the above rule. 

8. Due Bills domiciled at Head Offices and Town Branches 
may be passed through the Clearing (town branches through the 
Morning Clearing only), subject to return ; as to head offices 



144 THE bankers' clearing house 

per Rule 5, and as to town branches per Rule 6 ; except on 
Saturdays and half-holidays, when those payable at town 
branches must be presented where domiciled. 

9. Dividend warrants and cheques drawn on branches but 
made payable at head offices and/or other branches may be 
passed through the Clearing subject to return as from the 
branch on which they are drawn. 

10. It shall be permissible for any bank, in the intervals 
of Clearing hours, to apply for the acceptance of a cheque by 
the bank on which it is drawn, or for a Debit Note for the next 
Clearing in exchange for such a cheque. 

11. The expense incurred by the Bank of England in 
managing the Clearing shall be borne equally by the respective 
Clearing Banks. 

12. All forms to be adopted shall have the consent of the 
Committee, and no change shall be made except with such 
consent. 

13. Any bank which is a member of the Association of 
Manchester Clearing Bankers and any bank on becoming a 
member may select for inclusion in the Manchester Clearing 
a limited number of its branches (excluding London) which, 
subject to the approval of the other members, shall be brought 
within the arrangements of the Clearing House, on the under- 
standing that it shall clear in and out for any branch so selected 
and approved. The names of such branches must be stated 
on the official list of the Clearing House. 

Any branch not so approved shall be excluded from the 
arrangements, provided that any member may clear for its 
head office or any of its branches cheques of ;^500 and over, 
drawn upon or payable at offices of the Manchester Clearing 
Banks within the Manchester boundary. 

Please note that on all cheques and bills returned unpaid under 
the rules of the Manchester Banks Clearing, the reason of 
DISHONOUR should be stated on the returned cheque or bill in 
WORDS IN FULL, and not by initials or contractions. 

ASSOCIATION OF 
MANCHESTER CLEARING BANKERS 

Established July, 1872. 

List of Members 

Bank of England clears Manchester and Liver- 

pool Branches only. 
Bank of British West clears Manchester and 

Africa Liverpool only. 

Bank of Liverpool & clears all branches except 

Martins, Ltd. London. 

Barclays Bank, Ltd. clears Manchester Branch 

only. 



PROVINCIAL CLEARINGS 



145 



Lancashire & Yorkshire clears all Branches except 

Bank, Ltd. Isle of Man branches and 

Mercantile Bank Branch. 
Lancashire & Yorkshire clears Selves only. 

Mercantile Bank Branch 
Lloyds Bank, Ltd. clears the following 

Branches — 
Piccadilly Altrincham Liverpool : Bruns- 

(Manchester) Blackburn wick Street and 

Victoria Station Broadheath Exchange 

(Manchester) Darwen Sale 

London County Westminster 

& Parrs Bank, Ltd. clears the following Branches — 



Altrincham 

Ashton-U.-Lyne 

Atherton 

Blackburn 

Bolton 

Bury 

Com Exchange 

Docks 

Dukinfield 

Eccles 

Hale 



Knott Mill 

Knutsford 

Leigh 

Leigh, Chapel St. 

Longsight 

Monton Green 

Newton Heath 

Oldham 

Patricroft 

Pendleton 

Radclifie 



Royal Exchange 

Rusholme 

Sale 

Salford 

Stalybridge 

Stockport 

Tyldesley 

Weaste 

West Gorton 



This bank also clears Cheques on Farrow's Bank, Ltd, 
Manchester Office. 

London Joint City & 
Midland Bank, Ltd. 



clears the following Branches — 



Ardwick 
Audenshaw 

(sub. to Hyde) 
Blackburn 
Bolton 
Bradford 

(Manchester) 
Burnley 



Bury 

Chester Road 
Chorley 
Corn Exchange 
Deansgate 
Hyde 

Market Street 
Moss Side 



Oldham 

Preston 

Rochdale 

Shaw 

Stretford 

Stretford Road 

Swan Street 



Manchester & County Bank, clears all Branches. 

Ltd. 
Manchester & Liverpool clears all Branches except 



District Banking Com- 
pany, Ltd. 

Manchester & Liverpool 
District Banking Com- 
pany, Ltd., King Street 

National Bank, Ltd. 

10— (1776) 



London and King Street. 



clears Selves only. 

clears Manchester & Salford 

only. 



146 



THE BANKERS CLEARING HOUSE 



National Provincial & clears Manchester Blanche i 



Union Bank of England, 
Ltd. 
Union Bank of Manches- 
ter, Ltd. 

Williams, Deacons Bank, 

Ltd. 
Williams, Deacons Bank, 

Ltd., St. Ann Street. 



only. 

clears all Branches. 

clears all Branches except 
London and St. Ann Street. 
clears Selves only. 



Branches Within the Boundary 



Bank of Liver- 
pool & Martins, 
Ltd. 

Cheetham 

Lancashire & York- 
shire Bank, Ltd. 

All Saints 
Cheetham 
Cheetham Hill 
Corn Brook 
Corn Exchange 
Deansgate 
Exchange 
Great Ancoats St. 
Hulme 

Oldham Street 
Portland Street 
Shudehill 
Withy Grove 



Lloyds Bank, Ltd. 

Piccadilly 
Victoria Station 



London County 
Westminster & 

Parrs Bank, Ltd. 

Corn Exchange 
Royal Exchange 
Knott Mill 
Salford 



London Joint City & 
Midland Bank, Ltd. 
Ardwick 
Chester Road 
Corn Exchange 
Deansgate 
Market St. 
Stretford Road 
Swan Street 

London County 

Westminster & 

Parrs Bank, Ltd. 

Ardwick 

Corn Exchange 

Piccadilly 

Smithfield Market 

Manchester & 
Liverpool District 
Banking Co., Ltd. 
Broughton Bridge 
Chapel Street 
Hulme 
Ordsall 
Oxford Road 
Peter Street 
Portland Street 
Smithfield Market 
Withy Grove 

National and 
Provincial Union 
Bank of England, 

Ltd. 
Cornbrook 
Com Exchange 



Salford 

Smithfield Market 

Stretford Road 

Union Bank of 
Manchester, Ltd. 

Ardwick 

Broughton Bridge 
Campfield 
Corn Exchange 
Deansgate 
Oxford Street 
Piccadilly 
Royal Exchange 
St. Peter's 
Salford 
Strangeways 
Swan Street 
Whitworth St. 



Williams Deacons 
Bank, Ltd. 

Ardwick Green 
Chorlton-upon- 

Medlock 
Corn Exchange 
Deansgate 
Hulme 

London Road 
Salford 

Smithfield Market 
Strangeways 
Water Street 
Whitworth Street 



PROVINCIAL CLEARINGS 



147 



ASSOCIATION OF 
MANCHESTER CLEARING BANKERS 

Manchester Clearing House Totals 



r 


1918. 


1919. 


1920. 


January . 


;^58,31 1,351 


;^67. 125.830 


;^138,073.751 


February . 


59,346.556 


63,896,534 


142,260,227 


March 


64,555,636 


68,154.944 


154,664,612 


April 


63,831,131 


57,418,207 


130,730,604 


May 


59,122,956 


63,990.664 


126,076.209 


June 


63,707.604 


67.979,208 


128.606.252 


July 


65,226.651 


73,749,467 


124.835.751 


August 


62,667.935 


75,950,444 


116.872,408 


September 


66.443.216 


83,826,261 


103.731,479 


October . 


74.877,610 


96,598,848 




November . 


66,687.523 


106,562.274 




December 


62,840,974 


120,783.194 






;^767.619,143 


;^946,035,875 


;^1 165.851.293 






To end 


of September. 


Heaviest month. 


December . 


. ;^1 20,783, 194 




Heaviest week en( 


iing 6th Dec. 


. 30,650,537 




Heaviest Day, 3rc 


I Nov. 


7.435,253 




Average weekly t 


otal . 


18,144,148 




Average daily tot 


al . 


3,132.569 





'Quarter ending 
31st March 
30th June 
30th September 
31st December . 



Quarterly Totals 



1918. 

;^182.213.543 

186.661.691 

194.337,802 

204.406.107 

;^767,619,143 



1919. 

;^ 199, 177,308 

189,388.079 

233.526.172 

323.944.316 

^946.035.875 



1920. 
;^434,998.590 



Number of working days 302, against 304 for 1918. 



F. W. PEEL, 

Chairman. 



Bankers' Clearing House, 
Manchester, 

1st January, 1920. 



148 THE bankers' clearing house 

MANCHESTER BANKS CLEARING 



Mem. of Cheques delivered by 



to 



-Clearing 



19 



149 



CLEARING HOUSE— DAILY TOTAL. 

Out- Clearing. In- Clearing. 

1 

2 

3 

4 

5 

6 

7 

8 

9 
10 
11 
12 
13 



150 



THE BANKERS CLEARING HOUSE 



MANCHESTER BANKS CLEARING. 



19 



OUT. 



First Clearing. 



Second 
Clearing. 



IN 



First Clearing. 



Second 
Clearing. 



Bk. 

B.W.A. 
L.Y. 

LI. 

Md. 

Cy. 

Ds. 

K.S. 

Naa 

Merc. 

N.P. 

Pal. 

Parr 

Bar. 
Un. 

Wms. 

'S.A. 



Total, 
Balance 



PROVINCIAL CLEARINGS 



MANCHESTER BANKS CLEARING. 



Manchester, 19.. 

We shall Credit 

in next Clearing, on presentation of this slip, £ 

as below, for unpaid Cheques. 

For 



152 THE bankers' clearing house 



MANCHESTER BANKS CLEARING. 



.19... 



To 

Manchester. 
Please to credit our Manchester Office, on presentation 

of this slip in the Clearing House, with the sum of £ 

for Cheque returned to your Branch, 

£ : : For 



PROVINCIAL CLEARINGS 



153 



BANK OF ENGLAND, MANCHESTER. 



Amount passed through 
Manchester Bankers' Clearing House 



'or week ending 19 £. 



For corresponding week last year £. 



Superintendent of Clearing. 



154 



THE BANKERS CLEARING HOUSE 



MANCHESTER BANKS CLEARING. 



Amounts passed through the Manchester Bankers' 



to Saturday, the.. 




/ 1 -.»^... 




19 




Monday . 
Tuesday . 
Wednesday 
Thursday 
Friday . 
Saturday 


. £ 


1 






Total 








Total Corresponding Week 19 


.19 , 
year i 


c 


Do. do. do. 19 


c 


Total from 1st Jan. to 


c 


Total for Corresponding Period last 





Superintendent of Clearing. 



PROVINCIAL CLEi 



155 



CLEARING HOUSE BALANCES. 

Debit. Credit. 



Barclay 
Lancashire 

„ Mosley St. 
Lloyds 
Midland 
County 
District 

King St. I 
National 
National Prov. 
Palatine 
Parr's 
Union 
Williams 

St. Ann St. 

£ 
Bank 



156 the bankers* clearing house 

The Association of Liverpool Clearing Bankers 
was established in 1886 and is rapidly increasing its 
turnover. Thus we have £236,000,000 for the year 
1912 and £678,000,000 for the year 1919, and indica- 
tions of a considerable increase in the current year. 

The following is a list of the original members — 

Bank of England, 

Adelphi Banking Company, Ltd., 

Bank of Liverpool, 

Liverpool Commercial Bank, Ltd., 

Liverpool Union Bank, Ltd., 

Manchester & Liverpool District Bank, Ltd., 

National Provincial Bank of England, 

North & South Wales Bank, Ltd., 

North Western Bank, Ltd., 

Parrs Banking Company, Ltd., 

Leyland & BuUins. 

The mode of conducting this Clearing is similar to 
that of Manchester as the rules given below will 
indicate. It will be noticed that the area covered 
varies according to the individual bank's selection. 
Unpaids are delivered direct to the banks within a 
radius of a mile and a half of the Clearing House, if 
crossed by the head office or clearing branch within 
that radius. If, however, they are crossed by another 
non-clearing branch, or by a bank in the United 
Kingdom not itself a member of the Liverpool Clearing 
they are then sent direct to such branch or bank by 
post on the day of receipt, unless a note is attached 
requesting return otherwise. 

Claims for unpaids are made by debit slips in the 
Clearing next succeeding the delivery of the return 
if possible, but not later than the day following the 
dispatch by post. 

In addition to the " Bankers' Clearing " the Bank of 
England in Liverpool manages the financial side of the 
*' Cotton Clearing " on behalf of the Liverpool Cotton 
Association. This latter Clearing involves a daily 
settling of receipts and payments of every firm in the 



PROVINCIAL CLEARINGS 



157 



Association, in connection with their dealings in cotton, 
differences in carrying over ** futures," etc., on a 
clearing basis. 

This effects a considerable saving in the use of cheques 
which would otherwise pass through the local Bankers* 
Clearing. 

It is highly probable that, if this " Cotton Clearing " 
did not exist, the Liverpool Bankers' Clearing would 
take the first position in the total turnover of the 
Provincial Clearings. 

ASSOCIATION OF 
LIVERPOOL CLEARING BANKERS 

(Established 1st November, 1886) 

Rules 
{To be in force from 6th April, 1918) 

1 . A committee shall be formed to consist of a representative 
from each of these banks, and any other banks that may from 
time to time be admitted under Rule 2. The Committee 
shall be summoned, when thought desirable, by one of the 
agents of the Bank of England, as Chairman, and a meeting 
shall be called by the Chairman at any time on the requisition, 
in writing, of three members, specifying the business to be 
submitted. 

2. No new member shall be admitted, nor any rule altered, 
except by resolution, passed by a majority of the members 
present at one meeting of the Committee, confirmed by a 
majority of the members present at a subsequent meeting 
of the committee. The Chairman shall have a casting vote. 
Branches of Banks who are already members may be admitted 
to Clear, but without Voting Power. 

3. The ordinary business of the Clearing House shall be 
conducted under the supervision of an officer appointed by 
the Bank of England as Inspector of the Clearing. 

4. The articles to be cleared shall be cheques on the Clearing 
Banks, and on the City and Country branches of the banks 
having their head office in Liverpool ; and on certain branches 
of other members of the Clearing (for list see below) ; also 
bills domiciled at the Clearing Banks. 

5. An Out-teller from each bank shall deliver at the Clearing 
House daily, at 11.30 a.m. and 2.30 p.m. (but at 10 a.m. and 
11.15 a.m. on Saturdays) the articles to be cleared held by his 
bank on the other Clearing banks and their branches, as per 
Rule 4, and receive from their Out-tellers the articles held by 
them upon his bank. 



158 THE bankers' clearing house 

6. A slip shall be attached to the parcel of cheques, etc., on 
each bank, giving the amount of each document, total amount, 
and name of bank by whom presented, which shall be checked 
by the receiving bank. Every document shall bear the name 
of the delivering bank distinctly stamped upon it. 

7. The banks shall be at liberty, in cases which they consider 
urgent, to present any cheques or bills direct to the other banks 
for payment, such payment to be made by voucher available 
at the next clearing. Coupons must be presented direct to 
the banks by whom payable, and be paid by a clearing voucher. 

8. Dishonoured Cheques, etc. — Mem. " Presenter " in the 
following Rules means the member presenting the article 
at the Clearing House. 

(a) Cheques on the Clearing Banks shall be returned on 
the first five days of the week to the presenters at their 
respective banks by 1 p.m., if presented through the first 
clearing, or 3.30 p.m. if through the second clearing, and by 
12.30 p.m. on Saturdays. 

{b) Bills domiciled at the Clearing Banks shall be returned 
by 3.30 p.m. on the first five days of the week, and by 12.30 
p.m. on Saturdays, whether presented through the first or 
second clearing. 

(c) Cheques on Non-Clearing branches in Liverpool within 
a radius of a mile and a half from the Exchange shall be 
returned as follows (see list below) — 

If crossed only by a bank who is a member of the Clear- 
ing then^ direct to such bank not later than noon on the day 
of receipt. 

If also crossed and stamped by another Non-Clearing 
branch or by a bank in the United Kingdom not itself a 
member of the Liverpool Clearing, then direct to such 
branch or bank by post on thfe day of receipt, unless a 
note is attached requesting return otherwise. 

[d) Cheques on Branches in Liverpool without the mile and 
a half radius, on branches in the suburbs and on branches in 
the country (including Cheshire), shall be treated in like 
manner as specified in Clause C, except that return must in 
all cases be made by post on the day of receipt. 

{e) Risk of post to be presenters. 

(/) All documents returned unpaid shall have a written 
answer appended. 

{g) A Credit Note available at the next clearing shall be 
signed by the holders for dishonoured cheques, etc., returned 
to them otherwise than by post. 

{h) In respect of a document returned by post direct to a 
branch bank, or a bank other than a member of the Clearing, 
a claim, which must be duly signed, must be made upon the 
presenters by the chief Liverpool office of the returning bank 
at the first clearing on the day after the posting of such 



159 



document ; such claim, however, to be honoured subject to 
confirmation from the branch bank in course of post, 

{i) Documents specially presented and documents returned 
dishonoured otherwise than by post must be accompanied by 
Credit Note, filled up ready for the signature of the receiving 
bank. 

9. Articles Lost. When a bank fails to receive acknowledg- 
ment in due course that a remittance of Clearing articles has 
reached its destination, notice must be given at the next 
clearing on the prescribed form. On the day following this 
notice the amount due from each bank shall be claimed and 
immediately paid. Any such payment to be considered as 
made under protest. 

10. At the second clearing, the total claims against each 
bank for the day shall be ascertained by the Inspector, and the 
balance shall be adjusted in account with the Bank of England, 
who will act as the settling bank ; such adjustment not to be 
final, but to be with recourse in respect of any document 
returned unpaid in conformity with Rule 8. 

11. All the expenses incurred in connection with the Clear- 
ing House arrangements shall be borne proportionately by the 
respective Clearing Banks. Each desk to be considered one 
share. Members requiring more than one desk may have 
additional accommodation assigned to them at the discretion 
of the Inspector, on condition that every desk so assigned 
shall be regarded as an extra share in apportioning the expenses 
of the Clearing. 

12. All forms to be used shall be sanctioned by the Committee 
and no change shall be made except with their consent. 

BRANCHES WITHIN THE RADIUS 



Branches within the 
Bank of Liverpool 
& Martins, Ltd. 

Central 

Customs House 
East Myrtle St. 



Lancashire & York- 
shire, Ltd. 

Scotland Road 



Lloyds Ltd. 

Bold Street 
Cotton Sub-Office 
London Road 



mile and a half radius 
London Joint City 
& Midland Bank, 
Ltd. 

Bold Street 
Islington 
Scotland Road 
Victoria Street 

London Joint City 
& Midland Bank, 

Ltd. 
(Wales Bank 
Branches) — 
East Branch 
Everton 
Leylands 
Bold Street 



effected by Rule 8 (c) . 

Market 

North 

North Docks 

Rodney 

South 

National Provin- 
cial & Union Bank, 
of England 

Exchange 
London Road 
Renshaw Street 
Whitechapel 

London County 
Westminster Sc 

Parrs, Ltd, 

Market 



160 



THE BANKERS CLEARING HOUSE 



ASSOCIATION OF 
LIVERPOOL CLEARING BANKERS 
(Established 1st November, 1886) 
List of Members 



Bank of England. 

Bank of British West Africa, 

Ltd. 
Bank of Liverpool & Martins, 

Ltd. 



Bank of Liverpool & Martins, 

Ltd., Exchange Branch. 
Bank of Liverpool & Martins, 

Ltd., Hey wood's Branch. 
Bank of Liverpool & Martins, 

Ltd., Victoria St. Branch. 
Barclays Bank, Ltd., 33 & 35 

Castle Street, 
Barclays Bank, Ltd., 42 Castle 

Street, 
Lancashire & Yorkshire Bank, 

Ltd. 
Lancashire & Yorkshire Bank, 

Ltd., South John St. Branch, 
Lloyds Bank, Ltd. 

Lloyds Bank, Exchange Branch 
London County Westminster & 

Parrs Bank, Ltd. 
London Joint City & Midland 

Bank, Ltd., Dale Street, 
London Joint City & Midland 

Bank, Ltd. (Wales Bank 

Branch), 62 Castle St. 
London Joint City & Midland 

Bank, Ltd., Leyland's, 36 

Castle St. 
London Joint City & Midland 

Bank, Ltd., Leyland's, King St. 
London Joint City & Midland 

Bank, Ltd., Old Hall St. 
Manchester & Liverpool Dis- 
trict Banking Company, Ltd. 



National Provincial & Union 
Bank of England, Ltd. 



Clears Liverpool only. 
Clears Liverpool only. 

Clears all branches 
except Exchange, 

Hey wood's and Vic- 
toria Street. 
Clears selves only. 

Clears selves only. 



Clears selves only. 



and 



Clears selves 

London Road. 

Clears selves and 

Walton. 

Clears selves, Bootle 

and Scotland Road. 

Clears selves only. 

Clears branches named 
below. 

Clears selves only. 
Clears branches named 
below. 

Clears branches named 
below. 

Clears branches named 
below. 

Clears selves only. 



Clears selves only. 

Clears selves only. 

Clears Liverpool, 
Birkenhead, Bootle 
and Litherland, and 
New Brighton. 
Clears branches named 
below. 



PROVINCIAL CLEARINGS 



161 



Union Bank of Manchester, Clears selves 
Ltd. Garston branch. 


Lloyds Bank, Ltd., clears the following branches — • 


Birkenhead, Charing Cross 
Birkenhead, West End 
Bold Street 
Cotton Sub-office 
Heswall 
London Road 


Parks 

Princes Road 
Sefton Park 
Douglas 
Peel 
Ramsey 



and 



National Provincial & Union Bank of England, Ltd., 

clears the following branches — 
Aintree Renshaw Street 

Exchange Whitechapel 

London Road 

London Joint City & Midland Bank, Ltd. (Wales Bank 
Branch, 62 Castle Street), clears the following branches — 



Aigburth Road 

Aintree 

23 Allerton Road 

Bootle (197 Stanley Road) 

Breck Road 

East (138 London Road) 

Edge Hill (la Wavertree 

Road) 
Everton 
Garston 
Kensington 
Kirkdale 
Leyland's Branch (2 Bold 

Street) 
Lodge Lane (313 Smithdown 

Lane) 
Market (Queen Square) 
North (27 Great Nelson St.) 
North Docks (280 Great 

Howard St.) 
Old Swan (546 Prescot 

Road) 
Princes Road (101 Mulgrave 

St.) 
Rodney 



Sefton Park (433 Smithdown 
Road) 

South (3 Great George Place) 

226 Stanley Road 

Toxteth (246 Park Road) 

Walton (95 County Road) 

Waterloo (100 South Road) 

Birkenhead (52 Hamilton 
St.), Charing Cross (257 
Grange Road), Laird St., 
North End (156 Price 
St.), Oxton (16 Palm Hill), 
Prenton, Tranmere (63 
Church Road) 

Egremont (48 King St.) 

Hoseside 

Hoylake 

Liscard 

New Brighton 

New Ferry 

Rock Ferry 

Seacombe 

Wallasey 

Waterioo (59 South Road) 

West Kirby 



London Joint City & Midland Bank, Ltd., Dale Street, 

clears the following branches — 
103 Bold Street (St. Luke's 386 Scotland Road 

branch) 72 Victoria Street 

Bootle (19 Derby Road) Seaforth (20 Seaforth Road) 

7 & 8 Commutation Row 

11— (1776) 



162 THE bankers' clearing house 

London County Westminster & Parrs Bank, Ltd., clears 

the following branches — 
Aigburth Market 
Birkenhead New Ferry- 
Charing Cross Old Swan 
Blundellsands Rock Ferry 
Bootle Seacombe 
Stanley Road Seaforth 
Cressington Tue Brook 
Dingle Upper Brighton 
Fairfield Walton 
Garston Waterloo 
Gateacre St. John's Road 
Great Crosby Wavertree 
Hoylake West Kirby. 

The Association of Birmingham Clearing 
Bankers was started in 1886. The following is a list 
of the original members — 

Bank of England, Birmingham Branch, 
Birmingham Banking Company, Ltd., 
Birmingham, Dudley & District Bank, Ltd., 
Birmingham Joint Stock Bank, Ltd., 
Birmingham & Midland Bank, Ltd., 
Lloyds, Barnetts & Bosanquets Bank, Ltd., 
National Provincial Bank of England, Ltd., 
Staffordshire Joint Stock Bank, Ltd., 
Worcester City & County Bank, Ltd. 

The yearly totals from 1886 onwards indicate 
considerable progress, viz., £54,494,000 in 1886, com- 
pared with ;tl45,433,000 in 1919. This progress has 
been more rapid in the last decade — the total for 
1909 was £57,706,000, which with one exception 
(1907, £61,510,000) was the highest total till then 
recorded. Each succeeding year, with the exception 
of 1914, has shown considerable advance on the 
preceding year. The set back in 1914 was very small, 
viz., £378,000, and, bearing in mind the upset at the 
outbreak of war, it is remarkable that the figures were 
so well maintained. 

From the list of offices given below it will be se^ 
that the area covered by the Birmingham Clearing"^ 



PROVINCIAL CLEARINGS 



is not SO extensive as either Manchester or Liverpool, 
and it appears by the recommendation at the foot of 
the rules that an area of one and a half miles from the 
Clearing House is the limit of its operations. 

A distinctive feature in all the Provincial Clearings 
is that separate presentations may be made outside 
the Clearing for special cheques. Thus in the case 
of Birmingham provision is made for cheques of 
;f 10,000 and over, in Manchester it "is permissible for 
any bank in the intervals of Clearing Hours to apply for 
the ' acceptance ' of a cheque by the bank on which it 
is drawn, or for a debit note for the next Clearing in 
exchange for such a cheque *' and in Liverpool " the 
banks shall be at liberty, in cases which they consider 
urgent, to present any cheques or bills direct to the 
other banks for payment, such payment to be made by 
voucher available at the next Clearing." 

In the London Town Clearing no such privilege 
exists. It is a fundamental principle of the London 
Clearing that no cheque is paid to another clearing 
bank or clearing branch across the counter, but in 
every case it must be presented through the Clearing. 
This ensures that all cheques drawn by any customer 
and presented for payment the same day are on an 
equal footing. Should failure of a customer occur 
before the closing of the day's clearing and notice 
be made to the banker of such failure, all cheques 
drawn by such customer presented through the 
clearing on that day would be returned, whereas 
cheques presented over the counter might have been 
paid against the customer's balance previous to the 
notice of the failure having been received by the 
banker. It also assures to the customer that his 
credit to meet his daily liability, in so far as it con- 
sists of clearing cheques, will be available to meet 
his requirements at the close of business the same day 
that the credit is paid into his banker. 



164 THE bankers' clearing house 

In the London Metropolitan Clearing the privilege 
of presenting special cheques outside the Clearing is- 
permitted but is rarely used. 



ASSOCIATION OF 
BIRMINGHAM CLEARING BANKERS 

Members 
Barclay & Co., Ltd. 
Lloyds Bank, Ltd. 

London Joint City & Midland Bank, Ltd. 
London County Westminster & Parrs Bank, Ltd. 
National Provincial & Union Bank of England, Ltd. 

Rules 

1. The business of the Association shall be managed by a 
committee composed of one representative of each member, 
presided over by the agent of the Bank of England. 

2. No new member shall be admitted, nor shall any rule 
be altered, except by a vote of the majority of the Committee. 

3. The President shall call a meeting on receiving a 
written request signed by more than one member giving 
particulars of the subjects to be discussed. Thefee shall be 
stated in the notice convening the meeting, which shall be 
held within a week. 

4. An account of the expenses shall be kept by the Bank of 
England and submitted annually to the Committee. The 
amount shall be divided equally between the members, each 
representative signing an order for payment of his share. A 
new member shall pay a full share of the expenses of the 
year in which he is elected. 

5. The clearing hour shall be 10.30 a.m., closing at 10.45, 
except on Saturdays, when the hour shall be 10, closing at 
10.15. 

6. The business at the Clearing House shall be conducted 
under the control of the representatives of the Bank of 
England. 

7. The daily balance of exchange shall be adjusted by trans- 
fer by the Bank of England. All transfers shall be signed by 
an authorized officer of the bank interested, and shall be 
delivered to the representative of the Bank of England at the 



PROVINCIAL CLEARINGS 



165 



Clearing House between the hours of 3.25 and 3.30 on ordinary 
days, and 12.10 and 12,15 on Saturdays. The delivery of 
the transfers shall be an acknowledgment that the clearing 
is finally closed. 

8. Members shall send to the President lists of offices, 
cheques on which they are prepared to receive, and printed 
lists of such offices shall be issued annually to the members, 
and exhibited in the Clearing House. Members shall send to 
each other notice of any alterations which they may from time 
to time make in such lists, and these shall be embodied in the 
printed list when it is re-issued. 

9. Any member may present articles for payment between 
clearing hours but shall (except as per Rule 10) take in 
exchange a receipt to be passed through the next clearing. 
Errors and returns shall be adjusted by the same method. 
The practice of marking cheques shall be discontinued. 

10. All cheques ;^10,000 and over shall be presented over the 
counter to the paying banker, who shall have the option of 
paying either by clearing voucher or through London. 

11. The number and amount of cheques in each charge 
shall be stated on a slip attached. 

12. All unpaid articles shall bear in writing the reason 
assigned for non-payment. 

13. Unpaid articles payable at offices within the " Local " 
clearing shall be returned to the Clearing House the same day 
between the hours of 3.25 and 3.30 on ordinary days, and 
12.10 and 12.15 on Saturdays, when the balance of exchange 
shall be adjusted by transfer by the Bank of England. 

{a) Unpaid bills payable at offices within the " Suburban " 
clearing shall be returned to the Clearing House the same day, 
but unpaid cheques may be returned through the post the same 
evening direct to the office from which thej^ originated, and 
the returning offices shall send through the next clearing 
" return tickets " payable at the offices to which the returns 
are made. 



Recommendation passed 22nd February, 1901. 

That all bank offices within one and a half miles of the 
Clearing House should clear either as " Local " or 
" Suburban." 

Clearing House. 

November, 1918. 



166 THE bankers' clearing house 

ASSOCIATION OF 
BIRMINGHAM CLEARING BANKERS 
Offices Cleared. 

Local — Bank of England 

Birmingham 

Barclays Bank, Ltd. 
Local — 

Colmore Row ; High Street ; Hockley ; St. Paul's Square, 

through Hockley ; Frederick Street, through Hockley ; 

Broad Street, through High Street ; Gooch Street, through 

High Street 

Barclays Bank, Ltd. 

New Street (late London & Provincial Bank, Ltd.) 
Lloyds Bank, Ltd. 
Local — 

Birmingham, Corporation Street (late Capital & Counties 

Bank, Ltd.) 

Head Office, Birmingham ; Aston Road, Birmingham ; 

Bristol Street, Birmingham ; Colmore Row, Birmingham ; 

Deritend, Birmingham ; Edgbaston, Birmingham ; Gooch 

Street, Birmingham ; Gt. Hampton Street, Birmingham ; 

High Street, Birmingham ; New Street, Birmingham ; 

Temple Row, Birmingham 

London City & Midland Bank, Ltd. 
Local — 

New Street, Birmingham ; Bennett's Hill, Birmingham ; 

Smithfield, Birmingham ; Temple Row, Birmingham 
Suburban — 

Warstone Lane, Birmingham (clears through Temple Row) ; 

Markets Branch, Birmingham (clears through Smithiield) ; 

Law Courts, Birmingham (clears through Bennett's Hill) 

London County Westminster & Parrs Bank, Ltd. 
Colmore Row ; Barclay, (late London & Provincial Bank, 
Ltd.), New Street 

National Provincial and Union Bank of 
England, Ltd. 
Local — 

Bennett's Hill 

London County Westminster & Parrs 
Bank, Ltd. 
Bennett's Hill 
Local — 

Birmingham 

National Provincial & Union Bank of 
England, Ltd. 
Colmore Row (late Union of London & Smiths Bank, Ltd.). 



INDEX 



Adding machines, 40 
Adjustment of differences, 36 
Afternoon Town Clearing, 30 
Amalgamations, 87 
Association of Birmingham 

Clearing Bankers, 162 
, members, 

164 

, rules, 164 

of Liverpool Clearing 

Bankers, 156 
, members. 



160 



, rules, 157 

— of Manchester Clearing 
Bankers, 140 
. forms, 148- 



155 



144 



147 



-, members, 
-, returns. 



rules. 142 



Average Daily Clearings 
(Appendix) 

Balance sheet, 36, 52 

, specimen, 46 

Bank of England, 35 

of Liverpool and Martins, 94 

Banks in England and Wales, 

hst of, 113 
Barclays Bank, 95 
Birmingham Clearing, 162 

banks, 164 

British Bankers' Association, 16 

Cheques, index letters on, 72 
Committee of Bankers, 10 
Consols Setthng Days, 80 
Country Cheque Clearing, 49 

banks, 58 

, rules, 56 

Coutts & Co., 99 
Credit transfer, 47 

Debit transfer, 48 
Differences, 36 



Fourths of months, 78 

Glyn, Mills, Currie & Co., 99 
Goldsmiths, 4 

History of clearing system, 3 

" In " books, 28 

clearers, 28 

Inspectors, 11 

Joint stock banks, 19 

Liverpool clearing, 156 

banks, 159 

.rules, 157 

Lloyds Bank, 99 
London County, Westminster 
& Parrs Bank, 107 

Joint City & Midland 

Bank. 104 

Manchester Clearing, 140 

banks, 144 

, forms used, 148-155 

returns, 147 

Marldng, 27 
Metropolitan Clearing, 64 

, banks included 

{Appendix) 

-, rules, 74 



Morning town clearing, 27 

National Bank, 109 

Provincial & Union Bank 

of England. 110 

Origin of clearing system, 1 
" Out " Book, 26 

clearers, 28 

Overend Gurney panic, 88 

Parcels system, 42 
Present Clearing House, 12 
Provincial Clearings, 139 

Remittances, 40 

Rules of Clearing House, 9, 43 



167 



168 



INDEX 



Staff of Clearing House, 15 

Statistics, 77 

of Clearing House, 1868- 

1919 [Appendix) 
Stock Exchange Settling Days, 

81 



Time table, 41 
Town Clearing, 24, 43 

, list of 

[Appendix) 



banks 



Transfer of balances, 34 
, specimen, 47, 48 

Unpaids, 32, 53, 71 

Walk clerks, 7 

War, 84 

Williams Deacons Bank, 113 

Wrongly delivered sheet, 51 

, specimen, 63 



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A comprehensive Guide to the innumerable details connected with the 

Shipping Trade. By Alfred Calvert. In demy Svo, cloth gilt, 203 pp., 

with numerous forms, 6s. net. 
THE EXPORTER'S HANDBOOK AND GLOSSARY. By F. M. Dudeney. 

Foreword by W. Eglington, Founder and Editor of " The British Export 

Gazette." In demy Svo, cloth gilt, 254 pp. 6s. net. 
THE PRINCIPLES OF MARINE LAW. {See p. 7.) 
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MONEY, EXCHANGE AND BANKING, in their Practical, Theoretical, and 
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and Students of Commerce. By H. T. Easton, Associate oj the Institute 
of Bankers. Second Edition, Revised. In demy 8vo, cloth gilt, 312 pp., 
6s. net. 

FOREIGN EXCHANGE AND FOREIGN BILLS IN THEORY AND IN 
PRACTICE. By W. F. Spalding, Certificated Associate, Institute of 
Bankers, etc., etc. Third Edition. In demy 8vo, cloth gilt, 227 pp., 
7s. 6d. net. 

EASTERN EXCHANGE, CURRENCY AND FINANCE. By the same Author. 
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FOREIGN EXCHANGE, A PRIMER OF. By the same Author. In crown 
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PRACTICAL BANKING. By J. F. G. Bagshaw, Certificated Associate of the 
Institute of Bankers. With chapters on "The Principles of Cni'reacy," 
by C. F. Hannaford, Associate of the Institute of Bankers, and ** Bank 
Book-keeping," by "W. H. Peard, Member of the Institute of Bankers in 
Ireland. In demy 8vo, cloth gilt, 397 pp., 7s. 6d. net. 

BANK ORGANISATION, MANAGEMENT, AND ACCOUNTS. By J. F 
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BILLS, CHEQUES, AND NOTES. A Handbook for Business Men and 
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Exchange (Time of Noting) Act, 1917. By J. A. Slater, B.A.. LL.B. 
Lond.). Third Edition. In demy 8vo, cloth gilt, 214 pp., 6s. net. 

BANKERS' SECURITIES AGAINST ADVANCES. By Lawrence A. Fogg. 
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BANKERS' ADVANCES. By F. R. Stead. Edited by Sir John Paget, 
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THE EVOLUTION OP THE MONEY MARKET (1385-1915). An Historical 
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SIMPLE INTEREST TABLES. By Sir Wm. Schooling, K,B.E. In crownSvo, 
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TALKS ON BANKING TO BANK CLERKS. By Harold E. Evans, 
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DICTIONARY OF BANKING. A Complete Encyclopaedia of Banking Law 
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SECRETARIAL WORK 

THE COMPANY SECRETARY'S VADE MECUM. Edited by Philip Tovey. 
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SEtKETARY'S HANDBOOK. A Practical Guide to the Work and Duties 
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with Secretarial work in general. Edited by H. E. Blain, C.B.E. In 
demy 8vo, cloth gilt, 168 pp., 6s. net. 

GUIDE FOR THE COMPANY SECRETARY. A Practical Manual and Work 
of Reference for the Company Secretajry. By Arthur Coles, F.C.I. S. 
Second Edition, Enlarged and thoroughly Revised. With 76 facsimile 
forms, and the full text of the Companies Acts, 1908 and 1913, the 
Companies Clauses Act, 1845, Companies (Foreign Interest) Act, 1917, 
Companies (Particulars as to Directors) Act, 1917, and War Legislation. 
In demy 8vo, cloth gilt, 432 pp., 6s. net. 

COMPANY ACCOUNTS. By the same Author. (See p. 1.) 

DICTIONARY OF SECRETARIAL LAW AND PRACTICE. A Compre- 
hensive Encyclopaedia of Information and Direction on all matters 
connected with the work of a Company Secretary. Fully illustrated with 
the necessary forms and documents. With Sections on special branches ot 
Secretarial Work. Edited by Philip Tovey, F.C.I.S. With contributions 
by nearly 40 eminent authorities on Company Law and Secretarial 
Practice, including : The Rt. Hon. G. N. Barnes, M.P. ; F. Gore- Browne, 
K.C.. M.A. ; A. Crew, F.C.I.S. ; J. P. Earnshaw. F.C.I.S. ; M. Webster 
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THE TRANSFER OF STOCKS, SHARES, AND OTHER MARKETABLE 
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B.A. (Oxon.), Barrisier-at' Law. Second Edition, Revised and Enlarged. 
In demy 8vo, cloth gilt. 220 pp., 68. net. 

THE CHAIRMAN'S MANUAL. Being a guide to the management of meet- 
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complete treatment of the meetings of pubhc companies. By Gordon 
Palin, Barrister-at- Law. and Ernest Martin, F.C.I.S. In crown 8vo, 
cloth gilt, 192 pp., 8s. 6d. net. 

HOW TO TAKE MINUTES. Edited by Ernest Martin, F.C.I.S. Second 
Edition, Revised and Enlarged. In demy 8vo, cloth gilt, 130 pp., 28. 6d. 
net. 

WHAT IS THE VALUE OF A SHARE 1 Tables for readily and correctly 
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be paid annually to justify the purchase or market price of shares. By 
D. W. RossiTER. In demy Svo, Ump cloth. 20 pp., 2s. 6d. net. 

PROSPECTUSES : HOW TO READ AND UNDERSTAND THEM. By 
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INCOME TAX 

INCOME TAX AND SUPER-TAX PRACTICE. Incorporating the ConsoHda- 
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INCOME TAX AND SUPER-TAX LAW AND CASES. A Practical Exposi- 
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COAL MINES EXCESS PAYMENTS, Guarantee Payments and Levies for 
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By W. E. Snelling. Sixth Edition, Revised and Enlarged. In demy 
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SUPER TAX TABLES. By G. O. Parsons. 16 pp., Ig. net. 

ECONOMICS 

ECONOMIC GEOGRAPHY. By J. McFarlane. M.A., M.Com. In demySvo, 

cloth gilt, 563 pp., with 18 illustrations, lOs. Cd, net 
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Brown, D.Sc, Lecturer in Geogvaphy in the University of Sheffield. In 

demy 8vo, cloth gilt, 223 pp., 10s. 6d. net. 
OUTLINES OF THE ECONOMIC KISTOBY OF ENGLAND. A Study in 

Social Development. By H. O. Meredith, M.A., M.Com., Fellow of 

King's College, Cambridge. In demy 8vo. cloth gilt, 378pp., 7s.6(i. net. 
THE HISTORY AND ECONOMICS OF TRANSPORT, By Adam W. 

KiRKALDY, M.A., B.LJtt., Oxford; M.Com., Birmingham; and Alfred 

Dudley Evans. In demy 8vo, cloth gilt. 348 pp.. toS. net. 
TliE ECONOriilCS OF TELEGRAPHS AND TELEPHONES. By John Lee, 

M.A., Traffic Manager, Post Office Telegraphs. In crown 8vo, cloth gilt, 

92 pp., 28. 6d. not. 
INDUSTRY AND FINANCE. (Supplementary Volume.) Edited by Adam 

W. KiRKALDY, INI. A., B.Litt., M.Com. Deals with the results of inquiries 

arranged by the Section of Economic Science and Statistics of the British 

Association. In demy 8vo, cloth, 6e. net. 
TALKS VvlTH WORKERS. On Wealth, Wages and Production. In crown 

^vo., 124 pp,, limp cloth, 2s. net. 

ADVERTISINQ AND SALESMANSHIP 

THE CRAFT OF SILENT SALESMANSHIP. A Guide to Advertisement 
Construction. By C. Maxwell Tregurtha and J. W. Frings. Size, 
6i in. by 9^ in., cloth, 98 pp., with illustrations. 5s. net. 

THE" NEW BUSINESS. A Handbook dealing with the Principles of Adver- 
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SALESMANSHIP. By W A. Corbion and G. E. Grimsdale. In crown 
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PRACTICAL SALESMANSHIP. By N. C. Fowler. Junr. In crown 8vo. 
337 pp., 7s. 6d.net. 

COMMERCIAL TRAVELLING. By Albert E. Bull. In crown 8vo, cloth 
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THEORY AND PRACTICE OF ADVERTISING. By W. Dill Scott, Ph.D. 
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THE PSYCHOLOGY OF ADVERTISING. By the same Author. In large 
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ADVERTISING AS A BUSINESS FORCE. By P. T. Cherington. In demy 
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HOW TO ADVERTISE. By G. French, Editor of the "Advertising News." 
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THE MANUAL OF SUCCESSFUL STOREKEEPING. By W. A. Hotchkin. 
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ADS. AND SALES. By Herbert N. Casson. In demy 8vo, cloth, 167 pp. 

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THE PRINCIPLES OF PRACTICAL PUBLICITY. By Truman A. de Vv eese. 

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LAW 

MERCANTILE LAW. By J. A. Slater, B.A., LLB. A practical exposition 
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7s. Od. net. 

COMPANIES AND COPJ:PANi LAW. Together with the Companies (Con- 
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(Lond.), of the Middle Temple, Barrister-at-Law. Second Edition, 
Revised. In demy 8vo, cloth gilt, 348 po., 6s. net. 

COMPANY CASE LAW. By F. D. Head,^ B.A. (Oxon.), Barrister-at-Law. 
In demy 8vo. cloth gilt, 314 pp., 7s. 6d. net. 

THE LAW OF CARRIAGE. By J. E. R. Stephens, B.A., of the Middle 
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THE LAW RELATING TO THE CARRIAGE BY LAND OF PASSENGER:., 
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INCOME TAX AND SUPER-TAX LAW AND CASES. (See p. 5 ) 

THE LAW RELATING TO SECRET C03IMISSI0NS AND BRIBES (Christ 
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1906 and 1916. By Albert Crew, Barrister-at-Law ; Lee Prizeman of 
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BANKRUPTCY, DEEDS OF ARRANGEMENT, AND BILLS OF SALE. By 

W. Valentine Ball, M.A., and G. Mills, B.A., Barristers-at-Law. 
Third Edition, Revised in accordance with the Bankruptcy and the Deeds 
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PRINCIPLES OF MARINE LAW. By Lawrence Duckworth, Barrister- 
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GUIDE TO THE LAW OF LICENSING. The Handbook for all Licence- 
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RAILWAY (REBATES) CASE LAW. By Geo. B. Lissenden. In demy 
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PARTNERSHIP LAW AND ACCOUNTS. By R. W. Holland, OB E . 
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THE LAW OF CONTRACT. By the same author. In demy 8vo, cloth, 
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THE LAW RELATING TO THE CHILD; It8 Protection, Education, and 
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GUIDE TO THE REGISTRATION OF BUSINESS NAMES ACT, 1916. By 
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WILLS, EXECUTORS, AND TRUSTEES. By J. A. Slater, B.A., LL.B. 
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BILLS, CHEQUES, AND NOTES. (See page 4 ) 
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BUSINESS REFERENCE BOOKS 

BUSINESS MAN'S ENCYCLOPAEDIA AND DICTIONARY OF COMMERCE. 

A reliable and comprehensive work of reference on all commercial subjects, 
specially designed and written for the busy merchant, the commercial 
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With numerous maps, illustrations, facsimile business forms and legal 
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BUSINESS MAN'S GUIDE. Seventh Revised Edition. With French, German, 
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Edited by J. A. Slater, B.A., LL.B. (Lond.). The work includes over 
2,000 articles. In crown 8vo. c]oth, 520 pp., 68. 6(1 . net. 

COMxMERCIAL ARBITRATIONS. By E. J. Parry, B.Sc, F.I.C. F.C.S. 
An invaluable guide to business men who are called upon to conduct 
arbitrations. In crown 8vo, cloth gilt, oS. 6d. net. 

PERSONAL EFFICIENCY IN BUSINESS. By E. E. Purington. In crown 
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DICTIONARY OF COMMERCIAL CORRESPONDENCE IN SEVEN LAN- 
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PORTUGUESE AND RUSSIAN. In demy 8vo. cloth. 718 pp.. 12s.6d.net. 
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A MANUAL OF DUPLICATING METHODS By W. Desborough. In 
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